According to Cointelegraph, the ransomware group Embargo has emerged as a major cybercrime player, amassing over $34M in crypto ransoms since April 2024. Operating as Ransomware-as-a-Service (RaaS), the group has targeted critical U.S. infrastructure, including hospitals and pharmaceutical networks.

Blockchain analytics firm TRM Labs suggests Embargo may be a rebrand of the notorious BlackCat (ALPHV) group, noting similarities in Rust programming, data leak sites, and wallet infrastructure. Embargo is estimated to hold $18.8M in dormant crypto across unlinked wallets, potentially to delay detection or await favorable laundering conditions.

The UK is preparing to ban ransom payments for public entities and critical infrastructure operators, introducing mandatory reporting within 72 hours of an attack.

#Cybersecurity #Ransomware #CryptoCrime #Blockchain #TRMLabs