Former Employee Pleads Guilty to Cyber Attack Against New Jersey-Based Company

A former employee of an industrial company headquartered in New Jersey has admitted to launching a cyber attack against his former employer.

Daniel Rhyne, 59, pleaded guilty in federal court to charges related to the hacking and extortion. The incident occurred in November 2023 when Rhyne, who was then a resident of New Jersey, attempted to extort $750,000 in Bitcoin from his former employer.

Rhyne took steps to hack into the company's computer network and sent an email to employees threatening to continue the attack unless he received the ransom. The email demanded 20 bitcoin, which was equivalent to $750,000 at the time.