Ukrainian Authorities Clamp Down on Ransomware Group, Confiscate $1.3 Million in Crypto
Ukrainian police authorities and International organizations against financial crimes have announced the arrest of two members of a group believed to be responsible for most ransomware attacks globally since April 2020. A press release notifying the public of the arrests which were carried out in late September was issued on Monday, October 4. However, the release shared by Europol did not include the names of the arrested parties but only items recovered.
One of the parties is a 25-year-old hacker who reportedly sends malicious software to the systems of several firms around the world including the US. After stealing sensitive data belonging to these firms or their clients, the unnamed hacker would then encrypt the files and offer a decryption key in return for a ransom, usually in cryptocurrencies. They are reported to have carried out these transactions around the world.
International Organizations Involved in Sting Operation
The second party, though no details of him were shared in Europol’s press release, is responsible for liquidating these crypto ransoms. Europol’s release detailed how the sting operation was executed through concerted efforts involving the French police (National Gendarmerie), the US FBI, the Ukrainian police, the Europol and INTERPOL.
The two ransomware operators are known to have made extortionate demands on ransom between €5 million and €70 million. To force their victims to comply with the ransom demands, the duo threatens to publish their stolen data on the dark web. Their operations have spanned Europe and North America covering large industrial groups. Their operations reportedly began in 2020 to date.
Vehicles, Cash and Cryptocurrencies Confiscated
Following the successful arrests, items retrieved after the law enforcement agencies 7 property searches include $375,000 in cash, two luxury vehicles worth €217,000 and $1.3 million in cryptocurrencies. The release did not state what cryptocurrency was discovered, whether Bitcoin or Ethereum. Still, it is most likely that the funds were retrieved in Bitcoin.
This group may likely be responsible for the spate of attacks that occurred in the US within May. Although the group which claimed responsibility for the attack was reportedly a Russian group named REVil, the duo may be part of the REvil group. Investigations by US regulators absolved the Russian government of any form of complicity.
In a related development, US regulators cracked down on crypto exchange, Suex, for facilitating the laundering of funds obtained by ransomware groups, marking the first instance that the US will be outlawing a cryptocurrency exchange. Ransomware attacks have reinforced the need for crypto regulations, especially with financial crimes committed with digital currencies.
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