Russian-speaking cybercriminals dominated the crypto crime scene in 2023. A new report by TRM Labs spills the beans on the extent of their activities.
These groups were behind a whopping 69% of all ransomware proceeds in crypto last year. We're talking big bucks here - over $500 million.
Lockbit and ALPHV/Black Cat topped the list of ransomware operators. Both are Russian-speaking outfits. But Lockbit hit a snag in February. The UK's National Crime Agency claimed it had taken control of their operations.
Garantex, a Russian exchange, was a major player in sanction evasion. It handled 82% of all crypto volumes from sanctioned entities worldwide.
This comes as no surprise. With Russia facing global sanctions due to the Ukraine war, some turned to crypto to dodge the rules. The US watchdog OFAC even blacklisted specific bitcoin and ether addresses last year.
It's not just ransomware, though. Russian-language darknet markets cornered the online drug trade. They accounted for 95% of all crypto drug sales on the dark web in 2023.
TRM Labs didn't pull any punches. "Russian speaking threat actors are unique in the breadth of their malign activity," the report stated.
But let's not forget about North Korea. They're still the big fish in the hacking pond. These guys allegedly pinched close to $1 billion in cryptocurrency last year alone.
The crypto world is clearly not all sunshine and rainbows. It's got a dark underbelly, and Russian-speaking groups are running the show.