Black Basta Ransomware Gang Scores $100 Million Heist in Under 2 Years!

The notorious Black Basta ransomware group has raked $100 million using double-extortion tactics since 2022. The recent findings by Elliptic and Corvus show that the group targeted the 329 organizations and extracting more than $107 million from 90 victims. 

The researchers also highlight some alarming details noting that individual impacts were severe with one victim losing $9 million and 17 others losing over $1 million each. The group believed that they have ties with the disbanded Conti Group employs advanced double-extortion techniques.

A decline in attacks during the latter half of the year is attributed to authorities dismantling the Qakbot malware's botnet in August with the tool frequently used by Black Basta. Further investigation into Bitcoin blockchain connections reveals that 10% of the ransom amount was transferred to Qakbot platform during its facilitation of access.

Using Elliptic Investigator, they revealed the gang's money laundering activities and lead the millions of money to Garantex and a Russian cryptocurrency exchange also facing sanctions. Surprisingly, 35% of Black Basta's victims paid the ransom, showing that many organizations give in to ransomware pressures.

Effective managing IT security, staying abreast of emerging threats and fostering collaboration between public and private sectors are imperative in the ongoing battle against cybercrime.