TechFlow, August 11 — According to The Block, blockchain intelligence firm TRM Labs released a report showing that the ransomware group Embargo has processed approximately $34.2 million in illicit funds via cryptocurrency since April 2024. The group primarily targets sectors in the U.S. including healthcare, business services, and manufacturing, and may be a reorganization or successor of the BlackCat/ALPHV ransomware group.
TRM Labs tracking indicates that around $13.5 million flowed to virtual asset service providers globally, with $1 million transferred through the sanctioned platform Cryptex.net. Approximately $18.8 million remains in unattributed addresses.
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