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11/19/2021

Tech CEO Pleads to Wire Fraud in IP Address Scheme

Krebs on Security

The CEO of a South Carolina technology firm has pleaded guilty to 20 counts of wire fraud in connection with an elaborate network of phony companies set up to obtain more than 735,000 Internet Protocol (IP) addresses from the nonprofit organization that leases the digital real estate to entities in North America.

In 2018, the American Registry for Internet Numbers (ARIN), which oversees IP addresses assigned to entities in the U.S., Canada, and parts of the Caribbean, notified Charleston, S.C. based Micfo LLC that it intended to revoke 735,000 addresses.

ARIN said they wanted the addresses back because the company and its owner — 38-year-old Amir Golestan — had obtained them under false pretenses. A global shortage of IPv4 addresses has massively driven up the price of these resources over the years: At the time of this dispute, a single IP address could fetch between $15 and $25 on the open market.

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