February 8, 2024 at 10:03PM
The US government has presented a $5 million reward for Hive ransomware gang members, reinforcing an existing $10 million reward. The FBI has added a $5 million reward for information leading to arrests. Following the FBI’s control of the gang’s network, decryption keys were provided to over 1,300 victims, preventing $130 million in payments.
Based on the meeting notes, here are the key takeaways:
1. The US government has placed a $5 million bounty on Hive ransomware gang members, with additional rewards totaling up to $10 million for information leading to the identification or location of key leadership positions and for information leading to arrest or conviction related to Hive ransomware activity.
2. The FBI, along with international law enforcement, seized control of the gang’s servers and websites, providing decryption keys to over 1,300 victims and saving them an estimated $130 million in ransomware payments.
3. Despite takedowns of cyber gangs, ransomware crews still made significant profits, with an estimated $1 billion in extorted cryptocurrency payments in the previous year.
4. Chainalysis suggested that the Hive takedown likely played a role in the drop in ransomware payments in 2022, estimating that the Hive bust may have averted at least $210.4 million in ransomware payments.
5. The report noted that during the period of FBI infiltration of Hive, while total ransomware payments were at $290.35 million, their statistical models estimated an expected total of $500.7 million based on attacker behavior in the months before and after the infiltration.
These takeaways summarize the key points from the meeting notes.