A new ransomware group called Embargo has laundered around $34.2 million in cryptocurrency since it emerged in April 2024 — mostly from attacks on US healthcare facilities. Victims have included:
🏥 American Associated Pharmacies
🏥 Memorial Hospital and Manor (Georgia)
🏥 Weiser Memorial Hospital (Idaho)
Ransom demands have reached $1.3 million per victim.
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💻 Sophisticated “Ransomware-as-a-Service” Model
Embargo runs as a Ransomware-as-a-Service (RaaS) operation — giving affiliates the hacking tools but keeping control of the infrastructure and ransom negotiations.
Unlike more aggressive groups like LockBit or Cl0p, Embargo stays low-profile — avoiding flashy branding to reduce law enforcement attention.
Researchers at TRM Labs suspect Embargo may be a rebrand of the defunct BlackCat group, citing:
Same Rust-based ransomware code 🦀
Similar dark web leak site designs
Overlapping cryptocurrency wallet usage
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🤖 AI-Powered Attacks on Critical Systems
Embargo uses AI and machine learning to plan and execute its attacks. Typical steps include:
1. Exploiting unpatched software flaws or sending AI-generated phishing emails 🎯
2. Disabling security tools and backups
3. Encrypting files & stealing sensitive data (double extortion)
4. Threatening to leak data unless payment is made 💰
Some attacks have included political messages, raising questions about possible state ties.
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💱 Laundering the Ransom Money
To hide the stolen crypto, Embargo uses:
Multiple “hop” wallets to break the money trail
High-risk and even sanctioned exchanges like Cryptex.net
Minimal use of mixers or cross-chain swaps to avoid patterns
About $18.8 million remains untouched in dormant wallets — likely as a tactic to avoid detection or due to disputes among the criminals.
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📈 Bigger Picture: Crypto Crime Surge in 2025
Embargo’s rise comes during a year of major crypto hacks:
🇮🇳 CoinDCX lost $44.2M (linked to North Korea’s Lazarus Group)
GMX lost $42M in a DeFi exploit (but recovered $40.5M)
Global July hack losses surged 27% to $142M 📊
Cybercriminals are evolving — combining financial motives with political narratives — making them harder to track and stop.
