The Black Basta ransomware group, suspected to be an offshoot of the infamous Russian Conti group, has amassed over $100 million in bitcoin since its emergence. This alarming feat, detailed in a report by Elliptic and Corvus Insurance, places Black Basta among the most profitable ransomware strains in history. The group’s modus operandi involves extorting bitcoin through cybercrime, with a significant portion of the laundered ransom payments traced to the sanctioned Russian cryptocurrency exchange Garantex.
Tom Robinson of Elliptic highlighted the meticulous method of tracking known ransom payments and the subsequent laundering process to arrive at this staggering figure. Meanwhile, cybercrime expert Robert McArdle noted the plausibility of such a sum for Black Basta’s operations. The report also suggests ties between Black Basta and the now-defunct Russian group Conti, known for its aggressive ransomware tactics.