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“Collaborative UK, US, and EU Effort Takes Down Major Cybercrime Syndicate” – Cybercrime

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Rockbit, a notorious cybercrime organization that holds victims’ data for ransom, has been thwarted in an extraordinary international law enforcement operation by the UK’s National Crime Agency, the FBI, Europol and the International Federation of Police Agencies. This was revealed in a post from the organization. Blackmail website.

“This site is currently under the control of the UK National Crime Agency, working closely with the FBI and the international law enforcement force Operation Chronos,” the post said on Monday.

An NCA spokesperson confirmed the NCA had disrupted the gang and said the operation was “ongoing and evolving”. A Rockbit representative did not respond to a request for comment from Reuters, but posted a message on an encrypted messaging app saying the company has backup servers that are immune to law enforcement actions.

The U.S. Department of Justice and FBI did not respond to requests for comment.

The post also names other international police organizations in France, Japan, Switzerland, Canada, Australia, Sweden, the Netherlands, Finland and Germany.

LockBit and its affiliates have hacked some of the world’s largest organizations in recent months. The gang makes money by stealing sensitive data and threatening to leak it unless victims pay exorbitant ransoms. Its affiliates are like-minded criminal groups recruited to carry out attacks using LockBit’s digital extortion tools.

Ransomware is malicious software that encrypts data. LockBit forces targets to pay a ransom to decrypt or unlock their data using a digital key.

LockBit was discovered in 2020 after its malicious software was discovered on a Russian-language cybercrime forum, and some security analysts believe the gang is based in Russia.

However, the gang does not profess support for any government, and no government has officially attributed it to any particular country. On its now-defunct dark web site, the group said it was “based in the Netherlands, completely apolitical and only interested in money.”

“They’re the Walmart of ransomware groups, and they run it like a business. That’s what makes them different,” said John DiMaggio, chief security strategist at US-based cybersecurity firm Analyst1. talk. “They are probably the largest ransomware group today.”

LockBit has attacked more than 1,700 organizations across nearly every industry, and U.S. officials say the group is the world’s largest ransomware threat. Last November, Rockbit released internal data from Boeing, one of the world’s largest defense and space contractors.




Delete the notice issued to Rockbit by the global intelligence group. Photo: Reuters

In early 2023, Royal Mail faced severe disruption following an attack by the group.

According to cybersecurity research website vx-underground, Rockbit said in a Russian-language statement shared on the encrypted messaging app Tox that the FBI attacked a server running in the programming language PHP. .

The statement, which could not be independently verified by Reuters, added that there is a backup server that does not include PHP and “has not been touched.”

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In X, a screenshot shared by vx-underground showing the control panel used by LockBit affiliates to launch attacks was replaced with a message from law enforcement. “We have the source code, details of the victims you attacked, amounts extorted, stolen data, chats, etc.”

“I may contact you soon. Have a nice day.”

Prior to its removal, LockBit’s website displayed an ever-growing gallery of victim organizations updated almost daily. Next to their names was a digital clock indicating the number of days left until the ransom payment deadline given to each organization.

On Monday, LockBit’s site displayed a similar countdown, but the law enforcement agency that hacked the hackers said: “Please return here on Tuesday, February 20th at 11:30 GMT for more information.” A message was displayed.

Don Smith, vice president of Secureworks, a division of Dell Technologies, said LockBit is the most prolific and dominant ransomware operator in the competitive underground market.

“To put today’s takedown in context, LockBit had a 25% share of the ransomware market based on leak site data,” Smith said. “Their closest competitor was BlackCat at about 8.5%, but then it really started to fragment.

“LockBit is dwarfing all other groups, and today’s action is critical.”

Source: www.theguardian.com

Analyst warns that Google’s major court defeat to Epic Games may lead to reorganization of Big Tech companies due to antitrust concerns

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One of Google’s most vocal critics says Google’s “catastrophic” antitrust loss this week to “Fortnite” maker Epic Games is a huge blow to Big Tech companies and other companies. This could potentially change the situation completely, potentially exposing the company to a wave of restructuring. Matt Stoller, director of research at the antitrust watchdog American Economic Liberties Project, said the jury’s unanimous verdict that Google maintained an illegal monopoly through the Android app store was a sign that “the truly powerful Big Apple… This is the first time a “tech company” has lost a major antitrust case. case. “There will be appeals and things like that, but I think over the next five years or so Google will start to settle and agree to splits because they know they’re going to lose.” , it’s not worth it. There is a lot of legal uncertainty.” Stoller told journalist Glenn Greenwald on his show “System Update.” “I know there’s a lot of cynicism, but this is actually how we’re going to rebuild these companies,” Stoller added. “It’s kind of amazing that it actually works.” “It’s over.”Google just lost a major antitrust lawsuit brought by Epic Games, the first judgment of its kind against a major tech company.The potential impact on Google, Amazon, Facebook, and other companies cannot be overstated.@MatthewStoller I’ll explain 👇 pic.twitter.com/aaGQ96Bcgu— System Update (@SystemUpdate_) December 13, 2023 Stoller added that the jury’s decision sets an important new legal precedent that is likely to influence the process in a range of antitrust cases facing Google and other large companies. Google is awaiting a judge’s ruling on a landmark Justice Department case targeting its online search empire, as well as separate investigations into its digital advertising business and Google Maps business. “All of a sudden, there’s a precedent and these sneaky judges are going to have to find reasons to rule in favor of Google, whereas before they had to find reasons to rule against Google. Deaf,” Stoller said. “I think all of these lawsuits are going to be overturned, and it’s going to be much harder for Google to win the lawsuits.” As The Post reported, experts say the Google v. Epic ruling could upend the business model that underpins the company’s lucrative Play Store. The Play Store previously charged large companies up to a 30% fee on in-app purchases and required them to: Use your company’s pricing system. Matt Stoller is the research director of the American Economic Liberties Project, an antitrust watchdog group. X/@SystemUpdate_ U.S. District Judge James Donato will next decide which illegal business practices Google must eliminate. A judge could order Google to stop paying major app developers to discourage them from launching competing app stores and suspend billing requirements, among other remedies. . In May 2024, Judge Amit Mehta will decide Google’s fate in a Justice Department lawsuit that alleges it has maintained an illegal monopoly over online search. The Post reached out to Google for comment on Stoller’s comments. Google faces a series of antitrust battles in the future. EPA Meanwhile, Google has already announced plans to contest the verdict in the Epic lawsuit. “Android and Google Play offer more choice and openness than any other major mobile platform,” said Wilson White, the company’s vice president of government affairs and public policy. “This trial makes clear that we are in intense competition with Apple and its App Store, as well as the App Store for Android devices and game consoles.”

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Source: nypost.com

Major Banks Foresee Significant Interest Rate Reductions – Stay Updated with Blockchain News, Expert Opinions, and Job Opportunities in the Financial Sector.

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Strategists at UBS investment bank expect a significant interest rate cut by the US central bank, which is seen as bullish for Bitcoin. UBS said falling inflation could prompt the U.S. central bank (Federal Reserve) to start cutting interest rates as early as March. This development is perceived as very positive for Bitcoin, especially considering recent economic indicators.

US inflation slows significantly, eliminating bets on further Fed rate hikes

Recent data reveals slowing U.S. inflation, extinguishing hopes for further rate hikes from the Federal Reserve. The consumer price index stalled in October, with the core index rising 0.2%. Those numbers have led traders to push back when they expect the U.S. Federal Reserve to make its first move to cut interest rates.

This change in expectations is consistent with UBS’s prediction of a significant interest rate cut, creating a supportive backdrop for Bitcoin in the following ways:

Reduced opportunity cost: As traditional interest rates decline and expectations of further rate hikes fade, the opportunity cost of holding Bitcoin also decreases. This could make Bitcoin more attractive to investors looking for alternative assets.

Inflation hedge: As inflation slows, investors could turn to assets like Bitcoin, which some see as a hedge against inflation. The scarcity and decentralized nature of cryptocurrencies could make them an attractive store of value in an environment of reduced inflationary pressures.

Market speculation: Revisions to the Fed’s rate hike outlook could spark speculative activity in financial markets. Bitcoin’s higher return potential and its characteristic volatility may attract traders looking for opportunities in a changing interest rate landscape.

Macroeconomic uncertainty: Recent economic data, coupled with revised Fed rate hike expectations, may signal broader economic uncertainty. In times like these, Bitcoin’s role as a decentralized and non-traditional asset is likely to become more prominent as investors seek to escape market volatility.

This combination of factors, with the potential for increased demand and favorable market sentiment, is reinforcing Bitcoin’s positive outlook.

Source: the-blockchain.com