Russian-Speaking Hackers Dominate Ransomware Market, Report Shows

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.