Fortune

Bitcoin

Kamala Harris

A study from TRM Labs says that Russia’s involvement in illegal crypto operations grew a lot in 2023. Almost 70% of all cryptocurrency earnings from ransomware came from groups of people who spoke Russian. This makes them big players in this field. 
It is clear that Russia plays a significant part in the worldwide hacking sector, as these entities have stolen almost half a billion US dollars, <a href="https://www.trmlabs.com/post/new-trm-report-reveals-russian-speaking-groups-dominate-ransomware" target="_blank" rel="noopener nofollow">the report disclosed.</a> 
The study puts in the spotlight ALPHV/BlackCat and Lockbit, two ransomware operators that profited over $320 million. Sanctioned hacker Lockbit has targeted Boeing and the Royal Mail in the UK. 
The MGM Resorts and the Fortune 500 dental and medical supply wholesaler Henry Schein are targets for BlackCat/ALPHV. Not only do these assaults show how far-reaching and sophisticated these groups are, but they also show how much money these victims lost because of them. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-312176" src="https://bitcoinist.com/wp-content/uploads/2024/07/a_922855.png?resize=569%2C403" alt="" width="569" height="403" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/a_922855.png?resize=569%2C403?w=569 569w, https://bitcoinist.com/wp-content/uploads/2024/07/a_922855.png?resize=569%2C403?w=120 120w" sizes="(max-width: 569px) 100vw, 569px" data-recalc-dims="1"> 
<h2 id="strong-the-role-of-garantex-in-the-illicit-operations-strong">The Role Of Garantex In The Illicit Operations</h2> 
Russia is the focal point of the concentration of sanctioned crypto volumes, as highlighted in the TRM Labs research. Amazingly, just one Russian exchange, Garantex, handled more than 80% of all crypto transactions that were subject to sanctions. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/zRCKcGYI/" width="1835" height="883"> 
Nowadays, most bitcoin transactions connected to approved entities go via this Moscow-based trading company, which has grown to be a significant global hub for these businesses. 
There is a possibility that the existing regulatory processes are inadequate due to the fact that Garantex has a monopoly on sanctioned crypto volumes. The fact that it has continued to operate despite the penalties demonstrates the difficulties that law enforcement agencies have when attempting to bring illegal crypto activity to a halt. The concentration of sanctioned cryptocurrency transactions on a single exchange necessitates more monitoring and regulation. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-312193" src="https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576" alt="" width="1024" height="576" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=1600 1600w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/a_76c0c0.jpg?resize=1024%2C576?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="strong-avoiding-sanctions-and-regulating-crypto-strong">Avoiding Sanctions And Regulating Crypto</h2> 
An increasing number of people are turning to cryptocurrencies as a means of evading sanctions imposed as a result of Russia’s continuing conflict with Ukraine. US officials have banned Bitcoin and Ether addresses associated with these evasion tactics many times, according to the TRM Labs research. 
The utilization of bitcoin or cryptocurrency in general for the purpose of eluding sanctions and perpetrating cross-border trade clearly shows how criminals and hackers quickly adapt to emerging new technologies. 
The rampant use of crypto for illegal means underscores the importance of a worldwide initiative to effectively combat, if not oversee, dirty cryptocurrency activities. 
The analysis acknowledges that <a href="https://cyberscoop.com/north-korean-hacking-group-makes-waves-to-gain-mandiant-fbi-spotlight/" target="_blank" rel="noopener nofollow">North Korea</a> is still a key player in cryptocurrency crime, despite concerns about Russia. North Korean hackers stole $1 billion in bitcoin in 2023, proving their global cybersecurity threat. 
Featured image from Getty Images, chart from TradingView

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