Russian ransomware gangs account for 69% of all ransom proceeds
bleepingcomputer
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Contributed by: Drex DeFord
Summary
A recent report by TRM Labs highlights that Russian-speaking cybercriminals dominated the ransomware landscape in 2023, accounting for 69% of the total illicit crypto proceeds, amounting to over $500 million. Major players like LockBit and BlackCat collectively collected $320 million in ransom payments. Additionally, Russian dark web markets represented 95% of global sales for illicit items and services, generating $1.4 billion in transactions compared to $100 million from Western counterparts. The report also noted Russia's significant role in cryptocurrency money laundering, with platforms like Garantex handling substantial amounts to fund military supplies from China for the conflict in Ukraine. TRM attributes this predominance to historical, regulatory, and geopolitical factors.
