Researchers from Elliptic and Corvus Insurance disclosed that the cyber extortion group known as “Black Basta,” suspected to be an offshoot of the Russian Conti hackers, garnered a staggering sum of over $107 million in bitcoin through ransom payments. These findings were revealed in a joint report, showcasing the extent of the gang’s financial success since its emergence last year. The laundered ransom payments were traced to the sanctioned Russian cryptocurrency exchange Garantex, raising concerns about the flow of illicit funds through such channels.
The report highlighted Black Basta’s financial prowess, positioning it as one of the most lucrative ransomware operations to date. Elliptic’s co-founder, Tom Robinson, emphasized the significance of their findings, underscoring the scale of the group’s profitability within the realm of ransomware strains. By tracking known ransom payments associated with the group and analyzing the laundering methods employed, researchers arrived at this staggering figure, showcasing the enormity of Black Basta’s illicit gains. Moreover, the Elliptic-Corvus report uncovered compelling evidence linking Black Basta to the now-defunct Russian ransomware gang, “Conti.” Conti was previously notorious for its ransom demands, employing tactics such as encrypting victim data and extorting payments for decryption or threatening to disclose stolen information publicly.
The emergence of Black Basta, potentially an offshoot of Conti, demonstrates the evolving and enduring nature of cyber extortion groups in the global cybersecurity landscape.
