TRM Labs: Embargo Ransomware Group Transfers $34 Million in Cryptocurrency Since April

Blockchain intelligence firm TRM Labs reports that a ransomware group known as Embargo has transferred over $34 million in ransom-related cryptocurrency since April. Embargo currently holds approximately $18.8 million in cryptocurrency in unaffiliated wallets, a tactic experts believe may be intended to delay detection or exploit improved conditions for money laundering in the future. Embargo operates using a ransomware-as-a-service (RaaS) model, primarily targeting industries with high downtime costs, including healthcare, business services, and manufacturing. It also tends to target victims in the United States, likely due to their greater ability to pay.