The US authorities is sanctioning the crypto wallets believed to belong to 2 Russian nationals linked to the ransomware group LockBit.
In a press release, the Treasury Division’s Workplace of International Property Management (OFAC) says that it has sanctioned a number of Bitcoin (BTC) and Ethereum (ETH) wallets linked to the group.
In response to a press launch, the wallets of Ivan Gennadievich Kondratiev and Artur Sungatov shall be blocked in the US after LockBit attacked the Industrial and Industrial Financial institution of China’s (ICBC) U.S broker-dealer, impacting the settlement of billions of {dollars} value of belongings.
“OFAC’s investigation recognized LockBit as chargeable for the ransomware assault on ICBC, which occurred on November 9, 2023. The ransomware assault disrupted ICBC’s U.S. broker-dealer, affecting the settlement of over $9 billion value of belongings backed by Treasury securities.
The ransomware assault prompted a blackout of ICBC’s pc techniques, leading to a lack of e-mail and communications. ICBC’s incapacity to entry its techniques prompted securities to be delivered for settlement with no funds backing the trades.”
LockBit, which first appeared in 2019, employs the ransom-as-a-service mannequin, the place it licenses its malware out to cyber criminals who then give them a reduce of the ransoms paid by victims, in accordance with the press launch.
“LockBit is understood for its double extortion ways, the place its cybercriminals exfiltrate huge quantities of information from its victims earlier than encrypting the sufferer’s pc techniques and demanding ransom funds. LockBit was essentially the most deployed ransomware variant globally in 2022 and stays prolific immediately.”
As said by Deputy Secretary of the Treasury Wally Adeyemo, in accordance with the press launch,
“The US is not going to tolerate makes an attempt to extort and steal from our residents and establishments. We’ll proceed our whole-of-government method to defend towards malicious cyber actions, and can use all out there instruments to carry the actors that allow these threats accountable.”
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