US government seizes $1 million from major Russian ransomware gang in a rare win for the good guys

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Retrieving crypto from ransomware gangs is extremely difficult

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  • US government seizes servers and domains belonging to BlackSuit
  • More than $1 million reportedly retrieved as a result
  • BlackSuit stole more than $370 million over the past three years

As the US government continues to dismantle the infamous BlackSuit (Royal) ransomware group, new information has claimed more than $1 million in cryptocurrency was confiscated from the threat actors.

Multiple US law enforcement agencies, including the Secret Service and the Department of Homeland Security are involved in the dismantling of BlackSuit, a Russian ransomware group which has allegedly attacked more than 450 US-based firms and stole more than $370 million in cryptocurrency since 2022.

The US government has said its operation resulted in the seizures of servers, domains and digital assets used to deploy ransomware, extort victims, and launder proceeds - among which is $1,091,453 worth of coins, valued at the time of the theft.

How much was really confiscated?

“Royal victims are typically required to pay ransoms in BTC by accessing a darknet website. On or about April 4, 2023, a victim paid a ransom of 49.3120227 Bitcoin to decrypt their data,” the announcement reads.

“This ransom was worth $1,445,454.86 at the time of the transaction. A portion of those proceeds ($1,091,453) was repeatedly deposited and withdrawn into a virtual currency exchange account until the funds were frozen by that exchange on or about Jan. 9, 2024.”

A million dollars’ worth of crypto would mean the crooks tried to launder 38.7 bitcoin at the time. When it was frozen, on January 9, 2024, it was already worth $1.78 million, and at press time, the same amount of bitcoin equals $4.6 million.

Given the decentralized and immutable nature of cryptocurrency, retrieving any amount is commendable. However, for BlackSuit, who stole hundreds of millions, this is but a drop in the sea.

Furthermore, since no arrests have been made, it is only a matter of time before BlackSuit restores its infrastructure and continues wreaking havoc throughout the corporate world.

Via TechCrunch

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Sead Fadilpašić

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.

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