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I don't see it as him monetizing the stolen data, but the mere existence of it.

No getting around that he sell access to stolen data.

He didn't orginally steal it. He collected the illegal dumps and runs a service on top of that data.

There is nothing wrong selling stolen data provided someone else dumped it first.

So fencing stolen goods is not illegal if someone else stole it? I don't think so. Stolen is stolen -- nobody has any right to sell it.