February 23, 2024 at 01:16PM
The LockBit ransomware gang collected over $125 million in ransom payments through more than 500 active cryptocurrency addresses between July 2022 and February 2024. Approximately 2,200 Bitcoin remain unspent, equating to more than $110 million. The group’s impact is estimated to be in the multi-billions, prompting global law enforcement efforts. The U.S. State Department offers rewards for information on the gang’s members.
From the meeting notes, it is apparent that the LockBit ransomware gang has amassed a substantial amount of money through ransom payments. The National Crime Agency (NCA) and blockchain analysis company Chainalysis identified over 500 active cryptocurrency addresses associated with LockBit’s operations. It was revealed that the gang received more than $125 million in ransom payments between July 2022 and February 2024.
Further investigation showed that more than 2,200 Bitcoin, equivalent to over $110 million at the current exchange rate, remained unspent when LockBit’s operations were disrupted. According to the NCA, these funds represent a combination of victim and LockBit payments, including 20% fees paid to ransomware developers by affiliates. The agency also highlighted that the actual ransom totals are likely in the range of hundreds of millions of dollars, indicative of LockBit’s significant global impact over four years of operation.
Additionally, LockBit was identified as being responsible for over 1,700 ransomware attacks in the U.S. since 2020, extorting victims of $91 million. The group targeted high-profile organizations and emerged as the most active ransomware group, using various versions of file-encrypting malware. Despite the disruption of the group’s infrastructure by law enforcement in 10 countries, the leaders and most affiliates remain unidentified. The U.S. State Department is offering rewards of up to $15 million for information on LockBit gang members and their partners.