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TRM Labs: Ransomware Group Embargo Transferred $34 Million in Cryptocurrency Since April
BlockBeats News, August 11th, according to Cointelegraph, blockchain intelligence company TRM Labs stated that a ransomware group named Embargo has transferred over $34 million in ransom-related cryptocurrency since April. Embargo currently holds around $18.8 million in cryptocurrency in non-custodial wallets, with experts believing this strategy may be an attempt to delay detection or take advantage of better money laundering conditions in the future. Embargo operates under a Ransomware-as-a-Service (RaaS) model, primarily targeting industries with high downtime costs, including healthcare, business services, and manufacturing, and tends to focus on victims in the United States, possibly due to their higher payment capabilities.
TRM's investigation suggests that Embargo may be a rebranding of the notorious BlackCat (ALPHV) organization, which disappeared earlier this year amid suspicions of an exit scam. While Embargo is not as overtly aggressive as LockBit or Cl0p, it employs a double extortion strategy: encrypting systems and threatening victims to pay up or face data leakage. In some instances, the group will dox victims or leak data on their website to increase pressure.
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