Cointime

Download App
iOS & Android

DOJ Disrupts Ransomware Group Attempting to Extort $130M in Crypto Ransom

The DOJ stated that it conducted the operation with the help of German law enforcement (the German Federal Criminal Police and Reutlingen Police Headquarters-CID Esslingen) and the Netherlands National High Tech Crime Unit.

Over $100M Extorted From 1,500 Victims

The department said that since June 2021, the group has targeted more than 1,500 victims worldwide and received over $100 million in crypto ransom payments.

According to the DOJ, the Federal Bureau of Investigation (FBI) executed a months-long disruption campaign against the group and infiltrated Hive’s network in July 2022. The Justice Department added that after successfully infiltrating the group’s network, it captured their decryption keys and offered them to victims worldwide, preventing them from paying the $130 million in crypto ransom demanded.

“Since infiltrating Hive’s network in July 2022, the FBI has provided over 300 decryption keys to Hive victims who were under attack. In addition, the FBI distributed over 1,000 additional decryption keys to previous Hive victims,” the DOJ said.

A Subscription-Based Model

Ransomware is malicious software (malware) that threatens to publish or block access to a victim’s personal data (usually by encrypting it) unless a ransom is paid off.

According to the DOJ, Hive used a subscription-based model called ransomware-as-a-service (RaaS) to “develop a ransomware strain and create an easy-to-use interface with which to operate it and then recruit affiliates to deploy the ransomware against victims.”

“Affiliates identified targets and deployed this readymade malicious software to attack victims and then earned a percentage of each successful ransom payment,” the department added.

Meanwhile, the DOJ announcement comes as revenue from ransomware has significantly reduced. According to a recent report by blockchain analytics firm Chainalysis, ransomware attackers extorted approximately $456.8 million from victims in 2022, down from $765.6 million the year prior.

However, that does not mean ransomware attacks have reduced, or at least not as much as the decline in payments suggests. Instead, “much of the decline is due to victim organisations increasingly refusing to pay ransomware attackers,” the report said.

~ By William A. Frederick ~

Comments

All Comments

Recommended for you

  • The U.S. core PCE price index rose 0.2% in June, compared with expectations of 0.1% and the previous value of 0.10%.

    The US core PCE price index for June was 0.2%, exceeding expectations of 0.1% and the previous value of 0.10%; the US core PCE price index for June recorded a year-on-year increase of 2.6%, higher than expected. The US core PCE price index for June recorded a monthly rate of 0.1%, unchanged from the previous month and in line with expectations.

  • LayerPixel Completes $2 Million Seed Round Led by Kenetic Capital

    LayerPixel, a DeFi solution based on TON, announced the completion of a $2 million seed round of financing, led by Kenetic Capital, with participation from Foresight Ventures, Waterdrip Capital, VentureSouq, Web3 Port Foundation, Microcosm Research, TMM Club, and dozens of angel investors. It is reported that this funding will help LayerPixel accelerate the development and integration of its DeFi solution suite in the Telegram Mini App ecosystem, fundamentally changing the way users interact with decentralized finance in the Telegram environment.

  • Grayscale GBTC holdings are approximately 271,200 BTC, and the number of ETHE shares in circulation has fallen below 300 million

    Official data from Grayscale shows that as of July 25th, Grayscale GBTC holds 271,212.2467 BTC, a decrease of 410.3257 BTC from the previous trading day, with an asset management scale (non-GAAP) of $17,542,084,056.48 and a circulation share of 306,180,100 shares; Grayscale ETHE holds 2,391,684.2607 ETH, a decrease of 97,390.7166 ETH from the previous trading day, with an asset management scale (non-GAAP) of $7,468,775,526.14 and a circulation share of 282,168,500 shares; Grayscale ETH holds 310,308.0733 ETH, an increase of 13,663.3797 ETH from the previous trading day, with an asset management scale (non-GAAP) of $969,033,154.46 and a circulation share of 329,308,500 shares.

  • US Senator Withdraws Support for Elizabeth Warren's Anti-Crypto Bill

    On July 24th local time, Republican Senator Roger Marshall withdrew his support for the "Digital Asset Anti-Money Laundering Act," which he and Democratic Senator Elizabeth Warren jointly formulated for 2022, aimed at regulating the cryptocurrency industry under existing anti-money laundering and anti-terrorism financing frameworks. Currently, according to the official congressional record on the bill, there are still 18 senators supporting the bill.

  • Web3 startups raised $3.7 billion in funding in the first half of 2024, showing signs of recovery

    According to the latest report from Crunchbase, Web3 startups raised $3.7 billion in the first half of 2024. Although this number decreased by 18% compared to the first half of 2023, it increased by 42% compared to the second half of last year. Quarterly, Web3 startups raised over $2 billion in the second quarter of 2024, slightly higher than the $1.8 billion raised in the first quarter, but down 18% from the $2.2 billion raised in the same period last year. However, after eight consecutive quarters of decline, Web3 startups have seen two consecutive quarters of funding increases. In addition, although the total amount of funding has increased, there have been few large financing rounds, with only seven rounds raising over $50 million.

  • Yesterday, the U.S. spot Bitcoin ETF had a net inflow of $31.4 million

    As monitored by Farside Investors, data from yesterday (July 25th) shows that the net outflow of funds for the US Bitcoin ETF GBTC was $39.6 million; BlackRock's iShares Bitcoin Trust (IBIT) had a net inflow of $71 million yesterday; EZBC, ARKB, and BITB had no inflows or outflows of funds.

  • US spot Ethereum ETF had a net outflow of $150.4 million yesterday

    According to Farside Investors monitoring, data from yesterday (July 25th) shows that the net inflow for the BlackRock Ethereum ETF (ETHA) was $72.9 million, the net inflow for the Invesco Ethereum ETF (ETHV) was $8 million, the Franklin Ethereum ETF (EZET) had no inflow or outflow, the 21Shares Ethereum ETF (CETH) had no inflow or outflow, and the Grayscale Mini Ethereum ETF (ETH) had a net inflow of $58.1 million. Previously, it was reported that the Grayscale Ethereum ETF (ETHE) had a net outflow of $326.9 million, the Bitwise Ethereum ETF (ETHW) had a net inflow of $16.3 million, the Fidelity Ethereum ETF (FETH) had a net inflow of $34.3 million, and the Invesco Ethereum ETF (QETH) had a net inflow of $6.2 million. Overall, data shows that the net outflow for US Ethereum ETFs yesterday was $150.4 million.

  • Harris: Ready to debate Trump on September 10

    US Vice President Harris told reporters that she is ready to debate with Trump on September 10th. She said: "I agree to the previously agreed upon September 10th debate. He (Trump) agreed before, but now he is backing out. I am ready, and I think voters should see the division in this election on the debate stage, so I am ready. Let's get started." It is reported that Harris has gained enough support from delegates and is expected to become the Democratic candidate. The Democratic National Convention will be held in Chicago from August 19th to 22nd.

  • Jersey City's Municipal Pension Plan to Invest in Bitcoin via ETFs

    The municipal pension plan of Jersey City, New Jersey, is set to invest in bitcoin through exchange-traded funds, as announced by Mayor Steven Fulop on Thursday. This move is a significant step towards wider adoption of cryptocurrency, although the amount invested is not expected to be substantial. The decision follows a similar move made by a Wisconsin pension earlier this year, indicating growing hope for cryptocurrency's long-term prospects even among conservative professionals. Read more about this development in our article.

  • The total market value of all stablecoins increased by $1.52 billion in the past 7 days

    The stablecoin economy is experiencing new growth. In the past 7 days, the total market value of all stablecoins has increased by $1.52 billion. The growth in the past seven days was mainly driven by Tether (USDT), which is the largest stablecoin by market value, with its supply increasing by 1.2 billion. About $300 million of the growth came from Circle's US dollar token (USDC).