LockBit extorted billions of dollars from victims, fresh leaks suggest

LockBit extorted billions of dollars from victims, fresh leaks suggest

February 23, 2024 at 05:42PM

Authorities believe that the ransomware group LockBit could have generated over $1 billion in ransom fees over its four-year lifespan. Analysis revealed around £100 million in cryptocurrency, with most payments coming from affiliates paid by victims. With over 2,000 victims, the actual sum extorted may be in the billions. LockBit’s takedown has garnered significant attention.

Based on the meeting notes, the key takeaways are as follows:

1. Authorities believe that LockBit may have generated over $1 billion in ransom fees over its four-year lifespan.
2. The latest leak from LockBit’s blog, under the control of Operation Cronos, revealed that there were around £100 million ($126.6 million) in cryptocurrency addresses, £90 million ($114 million) of which was unspent.
3. LockBit typically takes around 20 percent of the total ransom fee, while the affiliate who carried out the attack keeps the remainder.
4. Analysis conducted by the South West Regional Organised Crime Unit and Chainalysis indicates that the total sum of money extorted from victims is likely to be considerably higher, potentially in the multi-billions of dollars range.
5. The data available to the analysts was only taken from an 18-month period, from July 2022 to February 2024, suggesting that the actual total sum extorted from victims over LockBit’s lifespan could be significantly higher, considering it has operated for more than four years.
6. LockBit may have extorted billions of dollars from victims, considering the estimated average ransom demand and the number of victims claimed (in excess of 2,000).
7. Authorities have restricted hundreds of thousands of USD worth of crypto assets across more than 85 accounts linked to LockBit, with ongoing progress in the investigation.
8. LockBit’s finances were exposed on the last day of the week-long leaks by Operation Cronos, after which the leak site is scheduled to be shut down for good.
9. LockBit’s leader has offered a reward for anyone who can unearth their real identity, with the US recently upping the reward to $15 million.

These summarized takeaways provide a clear overview of the key information discussed in the meeting notes regarding LockBit’s finances and the actions taken by authorities.

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