Russian-Israeli LockBit developer to be extradited to U.S. for extorting $500M

An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice (DOJ), said.

Rostislav Panev, a dual Russian-Israeli citizen, is the third of seven known members of the LockBit criminal group to be arrested and in custody for launching cyberattacks on more than 2,500 victims in 120 countries by threatening cyber sabotage if they didn’t pay a ransom.

The criminal group wreaked havoc for about four years by infiltrating computer systems at hospitals and other vulnerable institutions and holding the systems and sensitive data hostage unless ransom was paid.