Russian-speaking ransomware groups generated over $500 million in crypto proceeds in 2023, accounting for nearly 70% of all ransomware-related crypto transactions, according to TRM Labs. The findings highlight Russia’s growing role in ransomware activities.
Two major operators, Lockbit and ALPHV/Black Cat, earned at least $320 million, targeting high-profile names like Boeing and MGM Resorts. Notably, most sanctioned crypto volume was concentrated on Russia-based exchange Garantex, which facilitated over 80% of crypto transactions tied to sanctioned entities globally.
This trend is part of Russia’s broader strategy to use crypto for cross-border trade amid sanctions, despite legal restrictions on crypto as legal tender. The Russian parliament is also moving to regulate crypto mining and international trade, signaling long-term strategic shifts in the country’s economic policies.
