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FBI Seizes Hive Network, Blocking More Than $120M in Crypto Ransomware

On Friday, the US Department of Justice revealed the results of an operation in partnership with the Federal Bureau of Investigation (FBI), which had lasted for months. The agency reported that it had managed to disrupt the Hive ransomware group’s activities.

According to the Justice Department, this illegal group targeted schools, banks, and hospitals in more than 70 countries. In a statement, Merrick Garland, a US Attorney, noted that before Friday, the Hive ransomware organization had stolen millions of dollars from several victims around the globe.

Garland says that since July 2021, over 1,500 individuals have fallen victim to the Hive group, collectively losing more than $120 million. He also reports that the FBI’s operation to seize the Hive network started last June, and to date, the agency has provided about 1,200 decryption keys.

Those keys will enable victims to regain access to their systems and data. In addition, the Justice Department revealed that the Dutch and German law enforcement teams were also involved in seizing control of all websites and servers that Hive used.

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How Hive Group Executed Their Ransomware Attacks

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Hackers use ransomware to lock computers and then demand a ransom from their owners to grant back access. While all devices connected to the internet are potential ransomware victims, most cybercriminals use phishing attacks to access their victims’ personal information.

According to the Justice Department, Hive group would steal its victims’ sensitive data like documents, emails, videos, and pictures and encrypt them. The group would later demand the victims pay a ransom in Bitcoin to get a decryption key required to access their encrypted files.

If the victim failed to pay, Hive would go ahead and reveal the stolen data on the internet. Garland acknowledges cybercrime as an ongoing threat and promises that the Justice Department will use every resource available to identify and prosecute everyone involved in executing ransomware attacks.

Chainalysis Says Ransomware Attackers Generated Less Revenue in 2022

Two weeks ago, Chainalysis, a blockchain forensic company, published a report showing that the revenue generated from ransomware attacks had reduced to $452 million in 2022 from $771 million recorded in 2021. The company attributed the drop to increased victims’ unwillingness to pay ransoms.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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