Conti Leak: Ransomware Gang’s Chats Exposes Crypto Plans

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While it’s unclear exactly how far along the development of the crypto platform is, Holden says he saw the gang members sharing a screenshot of a mockup cryptocurrency platform called Bablo, which roughly translates to “loot,” in July 2021. This was around the same time Stern messaged the group about developing the system. The logo for Bablo incorporated the “B” from Bitcoin’s logo.

The interest in cryptocurrency platforms is all about moving money, Holden says. “My explanation is that these guys want to control and be able to launder money,” he explains. “If they are able to launder the money, for example, they can move stolen proceeds into their own platform, they can hide or otherwise obfuscate their money trail.”

The vast majority of ransomware payments are made using cryptocurrencies. Blockchain tracking firm Chainalysis identified more than $600 million in crypto ransomware payments in both 2020 and 2021—Conti was the most prolific group. However, law enforcement bodies and investigators are becoming more adept at following ransomware payments on the blockchain and identifying individuals involved in the ransomware gangs.

By creating its own system, Conti could potentially help members avoid the attention of law enforcement. “They want to exercise more autonomy over their finances,” says Vitali Kremez, the CEO of security company AdvIntel. Creating any blockchain-based system, Kremez says, would potentially give Conti the “freedom to cash out and make their ransomware payouts easier than relying on any public crypto ledger.” Kremez says a cybercrime gang creating its own payment system wouldn’t be totally unheard-of and fits with “previous philosophies.”

While a crypto platform may make some sense for the day-to-day running of Conti, its efforts to create a social network appear to lack a clear direction. Several high-profile Conti members have been involved in conversations about the development. These include Stern and Mango, a Conti general manager who reports directly to the boss and makes sure Conti’s members get paid.

“We make a social network primarily for ourselves and the community,” Mango explained to Conti member Ghost, after they had discussed it with Stern. Mango said it could be like Russia’s biggest social media website, VKontakte (aka VK), but with a twist: It would be for the “darknet.”

In July 2021, Stern explained to Mango that the social network is meant to be a commercial product. They said it would be a centralized, “code closed” system—much like Facebook, Twitter, and all other major social media platforms. The “main thing,” Stern said, would be “trade.” Communications and news could be added later.

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