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.

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Report Reveals Crypto’s Growing Role in Funding Election Disinformation

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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.