TechFlow News, July 25 — According to a CoinDesk report, a recent study by cryptocurrency compliance and risk management firm TRM Labs reveals that Russian-speaking ransomware groups were responsible for at least 69% of ransomware proceeds in 2023, amounting to over $500 million. The report notes that Russian-speaking darknet markets accounted for 95% of all illicit drug sales priced in cryptocurrency on the dark web.
In addition, funds flowing into the Russian exchange Garantex made up 82% of the crypto transaction volume involving internationally sanctioned entities. The report mentions that many users have turned to cryptocurrencies to circumvent these restrictions. The two largest ransomware operators, Lockbit and ALPHV/Black Cat, are both Russian-speaking groups. Although the UK’s National Crime Agency has successfully taken control of Lockbit’s infrastructure, disrupting its criminal operations, malicious activities by Russian-speaking threat actors remain widespread.
Meanwhile, the report also highlights that North Korea remains a global hacking superpower, having stolen nearly $1 billion worth of cryptocurrency in 2023.
