Black Basta Ransomware Group Makes Off with $100 Million

Dec 1, 2023

Black Basta Ransomware Group Makes Off with $100 Million
The infamous Black Basta ransomware gang successfully swindled $100 million using tricky tactics since 2022. Recent reports from Elliptic and Corvus reveal that the group went after 329 organizations, managing to extract over $107 million from 90 victims in less than 2 years. 

Shockingly, individual losses were significant, with one victim losing $9 million and 17 others parting with over $1 million each. The group, suspected that they have links with the now-disbanded Conti Group, employs advanced double-extortion techniques in their cybercrimes. 

A drop in attacks during the latter part of this year is credited to authorities dismantling the Qakbot malware’s botnet in August the tool frequently used by Black Basta. Investigation into Bitcoin blockchain connections indicates that 10% of the ransom funds were transferred to the Qakbot platform during its operation. 

Using Elliptic Investigator, researchers exposed the gang’s money laundering activities lead to tracing millions of dollars to Garantex and a Russian cryptocurrency exchange that was also facing sanctions. Surprisingly, 35% of Black Basta’s victims opted to pay the ransom highlighting the unfortunate reality that many organizations succumb to the pressures of ransomware attacks. 

Being Effective in managing IT security and staying informed about emerging threats while fostering collaboration between the public and private sectors are crucial in the ongoing fight against cybercrime. 

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