Russian-speaking hackers are making a killing in the crypto world. A new report reveals that almost 70% of all ransomware profits came from groups speaking Russian, making them the biggest players in this illegal activity. These groups have stolen nearly half a billion dollars, highlighting the significant role Russia plays in global hacking.
Two Major Players: ALPHV/BlackCat and Lockbit
Two ransomware groups, ALPHV/BlackCat and Lockbit, are leading the charge. They’ve raked in over $320 million in profits, targeting high-profile victims like Boeing, the Royal Mail, MGM Resorts, and Henry Schein. These attacks demonstrate the sophistication and reach of these groups, and the devastating financial impact they have on their victims.
Garantex: The Hub of Sanctioned Crypto Transactions
The report also highlights the role of Garantex, a Russian cryptocurrency exchange, in facilitating illegal crypto transactions. Astonishingly, Garantex handles over 80% of all crypto transactions subject to sanctions, making it a central hub for these activities. This monopoly raises concerns about the effectiveness of current regulations, as Garantex continues to operate despite sanctions.
The concentration of sanctioned crypto transactions on a single exchange calls for increased monitoring and regulation.
Crypto: A Tool for Sanctions Evasion
The report also reveals that cryptocurrencies are increasingly being used to evade sanctions imposed on Russia due to the ongoing conflict with Ukraine. US officials have repeatedly banned Bitcoin and Ether addresses linked to these evasion tactics.
The use of crypto for sanctions evasion and cross-border trade highlights how criminals and hackers quickly adapt to new technologies.
The Need for Global Action
The rampant use of crypto for illegal activities underscores the urgent need for a global effort to combat, if not regulate, dirty crypto operations. While Russia is a major player, North Korea remains a significant threat, stealing over $1 billion in Bitcoin in 2023.
The fight against crypto crime requires international cooperation and effective regulation. /p>
