A cyber extortion group believed to be an offshoot of the infamous Russian Conti hacker organization has reportedly amassed over $100 million since its emergence last year, according to a report published on Wednesday by digital currency tracking service Elliptic and Corvus Insurance.
The group, known as "Black Basta," has allegedly extorted at least $107 million in bitcoin, with a significant portion of the laundered ransom payments flowing to the sanctioned Russian cryptocurrency exchange Garantex, as revealed in the joint report. Attempts to contact Black Basta through its dark web site were unsuccessful. Garantex, which faced U.S. Treasury sanctions in April of the previous year, expressed support for global initiatives combatting cybercrime and urged information-sharing regarding the hackers' finances, pledging to block suspicious funds.
Elliptic co-founder Tom Robinson characterized Black Basta's substantial earnings as making it "one of the most profitable ransomware strains of all time." The researchers arrived at this figure by identifying known ransom payments linked to the group, tracing the laundering of digital currency, and discovering additional payments.
Robert McArdle, a cybercrime expert from security firm TrendMicro not involved in the report, deemed the reported Black Basta figure "certainly in a believable range for their operations."
The Elliptic-Corvus report also presented evidence linking Black Basta to the now-defunct Russian group "Canti." Conti, formerly a prominent ransomware gang, gained notoriety for coercing victims through data encryption, ransom demands, and threats to publish stolen information.
The report suggests that individuals from Conti, following the dismantling of its leak site after Russia's invasion of Ukraine and the subsequent posting of U.S. bounties on its leadership, may have reorganized and rebranded, with Black Basta potentially being a manifestation of this restructuring.
"Conti was perhaps the most successful ransomware gang we've seen," remarked Robinson. The recent findings indicate that some individuals responsible for Conti's success might be replicating it with the Black Basta ransomware, he added.