Embargo, a new ransomware group, has gained recognition in the cryptocurrency space as it engages in cybercrime. According to a report , the gang, which has engaged in different cybercrime activities, varies their approach and have been known to target pharmaceutical networks, hospitals, and key infrastructure in the U.S. The new group has also moved over $34.2 million linked to crypto ransom payments between April 2024 and now. Embargo uses high-risk crypto exchanges to launder payments received from victims. Embargo’s Cybercrime Tactics Target Critical Infrastructure Some notable victims of the Embargo include healthcare facilities in Georgia and Idaho, as well as American Associated Pharmacies. The group’s demand from these sets of victims totals $1.3 million. They have also targeted other sectors besides health. Notably, the pattern has involved business services, manufacturing, and other organizations in charge of critical sectors where disruption of operations is likely to cause panic. In the healthcare sector, their attacks usually pose a threat to patient care, leading to a quick response from the targeted victims. Another noticed trend with Embargo is that, although they have struck in Europe and Asia, they have concentrated more in the U.S. Some analysts believe the preference for the U.S. could be a result of organizations to quickly fulfill their ransom demand. Laundering Millions Through High-Risk Crypto Exchanges Embargo’s ransom-as-a-service (RaaS) model has yielded a lot of funds for the group. As per the report, approximately $19 million of the group’s crypto proceeds remain dormant in unaffiliated wallets. Cybersecurity experts believe this is to avoid detection or delay until they discover better ways to launder the funds. So far, Cryptex.net has remained one of its favorite laundering platforms. Embargo has channeled $1 million via Cryptex alone between May and August 2024. Meanwhile, about $13.5 million has also been moved across different virtual asset providers. Is Ransomware Attacks to Surge Again? There are speculations that the Embargo gang might be a rebranded version of BlackCat (ALPHV). Both groups share similarities in the use of the Rust programming language and share technical overlap. Embargo’s operation, it appears, is trying to increase ransomware attacks, which declined by a significant 35% last year. According to Chainalysis, ransomware gangs raked in $1.25 billion in 2023, but the figures dropped to $813 million in 2024. The post Embargo Ransomware Gang Launders $34M in Crypto Since April appeared first on TheCoinrise.com .
