Fortune

Read

Analysts at TRM Labs say Russian-speaking ransomware groups accounted for nearly 70% of all crypto proceeds from ransomware in 2023.
<a href="https://crypto.news/tag/russia/" target="_blank" rel="noopener noreferrer nofollow">Russia</a> has seemingly become the center for <a href="https://crypto.news/tag/ransomware/" target="_blank" rel="noopener noreferrer nofollow">ransomware</a>-related threat actors in 2023 Russian-speaking ransomware groups accounted for nearly 70% of all crypto proceeds from ransomware, according to analysts at TRM Labs. The alarming figure underscores Russia’s surging role in ransomware-related activities, with these groups amassing approximately $500 million in crypto proceeds.
As per the firm’s <a href="https://www.trmlabs.com/post/new-trm-report-reveals-russian-speaking-groups-dominate-ransomware" target="_blank" rel="noopener noreferrer nofollow">recent report</a>, two Russian ransomware operators — Lockbit and ALPHV/Black Cat — together posted attack revenues of “at least $320 million.” TRM Labs notes that Lockbit, which is now under sanctions, attacked such big names in 2023 as Boeing and the UK’s postal operator Royal Mail, while BlackCat/ALPHV targeted MGM Resorts and a Fortune 500 distributor of dental and medical supplies Henry Schein.
<figure class="wp-block-image size-full"><picture fetchpriority="high" decoding="async" class="wp-image-14287330">
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/osdhfidsdijf.png.webp">
 <img fetchpriority="high" decoding="async" width="761" height="541" src="https://crypto.news/app/uploads/2024/07/osdhfidsdijf.png" alt="Russian ransomware generates over $500m in crypto proceeds, TRM Labs says - 1"> 
 </picture>
 <figcaption class="wp-element-caption">
 Crypto volumes tied to sanctioned entities around the globe | Source: TRM Labs
 </figcaption>
</figure>
The report also emphasizes that almost all of the world’s sanctioned crypto volume was concentrated on a single Russia-based exchange, Garantex. This Moscow-headquartered sanctioned trading firm accounted for over 80% of crypto volumes associated with all sanctioned entities globally in 2023. These entities include crypto exchanges and individuals subject to U.S. and international sanctions regimes.
As per data, some of Garantex’s crypto volume goes to sanctioned Chinese manufacturers to purchase “military equipment and critical components used by Russian forces in Ukraine.”
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This equipment includes commercial UAVs, anti-UAV equipment, thermal optics, integrated circuits (ICs), GPS modules, and tantalum capacitors critical to production of Russian weapons systems.”
 TRM Labs
</blockquote>
You might also like: <a href="https://crypto.news/us-senators-warn-of-countries-using-tether-to-circumvent-sanctions/" rel="noopener noreferrer nofollow"> US senators warn of countries using Tether to circumvent sanctions </a>
However, TRM Labs notes that “not all this volume” relates to sanctioned assets, as it may also encompass the “sale of other goods not related to the war effort,” referring to the broader cross-border trade between Russia and China settled in crypto.
As crypto.news reported earlier, Russia is increasingly relying on crypto as a payment method to circumvent sanctions and maintain cross-border trading activity. This trend persists despite the legal prohibition of crypto as a legal tender within the country, creating ambiguity regarding the classification of these trades.
Recently, the Russian parliament <a href="https://crypto.news/russian-parliament-passes-bill-for-crypto-use-in-international-trade-legalizes-crypto-mining/" target="_blank" rel="noopener noreferrer nofollow">passed</a> two crypto-related bills in the first of three readings. If enacted, the laws would allow the use of crypto for international trade and officially recognize and regulate crypto mining. The legislative move follows <a href="https://crypto.news/russias-top-metal-producers-reportedly-turn-to-tether-for-trades-with-china/" target="_blank" rel="noopener noreferrer nofollow">reports</a> that Russian metal producers have started using stablecoins for transactions with China due to severe limitations on traditional payment methods caused by sanctions.
Read more: <a href="https://crypto.news/russias-central-bank-might-legalize-stablecoins-for-trades-with-china-report/" rel="noopener noreferrer nofollow"> Russia’s central bank might legalize stablecoins for trades with China: report </a>

Russian ransomware generates over $500m in crypto proceeds, TRM Labs says

crypto.news

在 2024年7月26日發表的其他文章

Dompet Baru dan Alamat Aktif XRP Ledger Capai Rekor Baru, XRP Siap Melesat?

Big News for BlockDAG Investors: UFC Champion Alex Pereira Joins as Brand Ambassador; ETH and Inj...

Magic Eden Launches A 30% Diamond Boost To All NFT, Ordinal & Rare Sat Purchases

Bitcoin Price Today: Massive Whale Accumulation, Could BTC Price Hit $70k This Weekend?

Hashdex’s Significant Step: Files Combined Spot Bitcoin and Ethereum ETF

Cardano all set for Chang hard fork in preparation for Voltaire

訂閱免費電子報，每天收取加密貨幣最新動態！