Cybercriminals steal $34 million from US firms in year: Report
A cybercrime group called Embargo has swiped $34.2 million from US businesses since April 2024, mainly hitting healthcare and business service companies.
Big names like American Associated Pharmacies and Memorial Hospital in Georgia have been targeted.
Embargo runs on a "ransomware-as-a-service" model, letting them scale up fast and move stolen money around in sneaky ways, according to TRM Labs.
Embargo is linked to BlackCat cybercrime group
Embargo uses double extortion: not only do they lock up data, but they also threaten to leak it if ransoms aren't paid—putting extra pressure on hospitals and other critical services.
They're linked to the notorious BlackCat cybercrime group, which means they've picked up some pretty advanced tricks.
Of all the money stolen, $18.8 million is sitting hidden in dormant wallets—showing just how good they are at covering their tracks and why better cybersecurity is needed now more than ever.