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Russian hacker collects $ 31 million - SEC complains!
A Russian citizen is charged by the SEC for an account hacking scheme and stock price manipulations.
Russian hacker collects $ 31 million - SEC complains!
The U.S. Securities and Exchange Commission (SEC) has charged the Russian citizen Dmitrii Yevgenyevish Kushnarev after being suspected of orchestrated a huge account hacking scheme. This illegal company is said to have enriched it by millions of dollars between 2014 and 2021. According to [dailyhodl.com] (https://dailyhodl.com/2025/29/russian-citen-allegedly- orchestrates-account-scheme-uses-fake-toes-tenaten-31000000-in-trading-proceds-sec/) Identities used to open numerous fake accounts.
With these accounts, he carried out profitable shops in hundreds of securities on the New York Stock Exchange (NYSE), NASDAQ and in OTC markets. This statement raises serious allegations because the chopped accounts were apparently used to manipulate equity prices. Kushnarev and his accomplices are said to have forced large brokerage accounts to buy the target stocks. This led to an increase in equity prices, which enabled the perpetrators to sell the shares at very excessive prices.
Overview of the procedure
In a further step, Kushnarev changed his approach from 2019 to 2021. Instead of just concentrating on the manipulation of equity prices, he began selling the chopped accounts directly from the money -lying options (calls and puts). This tactic also allowed him to benefit from heavily excessive prices. In total, Kushnarev is said to have achieved astonishing $ 31 million in gross income and $ 1.5 million in profits from these transactions.
The allegations indicate that Kushnarev violated the 1933 Securities Act and the Securities Exchange Act from 1934. These laws have been implemented to protect the integrity of the financial markets and to ensure the trust of investors.
Consequences and possible punishments
In the coming weeks, the SEC will take further steps to ensure that those responsible will be held accountable. If Kushnarev is found guilty, he could expect considerable financial punishments and possibly even prison sentence. The case illuminates the need for stricter measures against cybercrime in the financial sector and the importance of protecting the investor information systems.