A new report from TRM Labs reveals that Russian-speaking hackers dominate the ransomware sector, capturing almost 70% of illicit cryptocurrency earnings in 2023.
These groups, including ALPHV/BlackCat and Lockbit, have collectively amassed over $320 million. Lockbit targeted major organizations like Boeing and the UK’s Royal Mail, while BlackCat/ALPHV attacked MGM Resorts and Henry Schein.
The report also highlights that Russian exchange Garantex handled over 80% of sanctioned cryptocurrency transactions, despite facing penalties. This underscores the challenges of regulating illegal crypto activities.
Additionally, cryptocurrencies are increasingly used to evade sanctions, particularly amid the Russia-Ukraine conflict. U.S. authorities have banned several Bitcoin and Ethereum addresses linked to sanction evasion, demonstrating the adaptability of criminals to new technologies.
North Korea remains a significant threat, having stolen $1 billion in Bitcoin in 2023. The report emphasizes the need for stronger international cooperation and regulation to address the growing challenge of crypto-related cybercrime and safeguard global financial systems.
On September 9, Singapore’s Deputy Prime Minister Gan Kim Yong announced that an investigation is underway into seven individuals suspected of illegal trading of Worldcoin accounts and tokens.
TRON, Tether, and TRM Labs have launched the T3 Financial Crime Unit (T3 FCU), a new initiative designed to tackle financial crime in the cryptocurrency sector.
According to the FBI, crypto fraud cases surged by 45% last year, with losses totaling $5.6 billion.
Nick Drakon has stepped down as CEO of Revelo Intel, a crypto research and education platform, after revealing a shocking ordeal.