Million-dollar bank hacking kit Russian developer pleads guilty to charges in US

The Russian man who developed malware kit for some of the web's most expensive banking hacks has reportedly pleaded guilty to the charges.

24-year-old Aleksander Panin pleaded guilty for developing the SpyEye malware kit, which was considered one of the biggest malware threats and was used for major banking hacks.

According to The Verge, Panin made his money by selling the exploit kit to more daring criminals, more than 150 different clients who used the readymade software to take on banking sites.

One of his clients used the malware to infect as many as 1.4 million computers in a banking attack and walked away with over 3 million dollars.

The report said that Panin's downfall came when he sold a copy of the malware kit to a federal agent in mid-2011 and his arrest came more than two years later.

Panin faces up to 30 years in prison, pending sentencing, the report added.