Ransomware group known to use Monero and Bitcoin targets Italian asset manager

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Italian asset manager Azimut has been targeted by international ransomware group BlackCat, Reuters reported on July 24.

Reuters said the company disclosed the cyberattack the same day and added that the company rejected any ransom payment request.

The company suggested that the attack did not harm customer data, saying:

The attack did not affect data or information that could allow access to the personal location of clients and financial advisors or the execution of unauthorized transactions.

Azimut has detected unauthorized access to its computer systems during routine monitoring. He quickly informed the competent authorities and launched an internal security procedure, which succeeded in limiting the effects of the attack.

Israeli cybersecurity startup DarkFeed and California-based cybersecurity firm Palo Alto Networks both identified BlackCat as the group responsible for the attack. The latter firm said that BlackCat stole more than 500 GB of data from Azimut.

BlackCat is known to use crypto

Most ransomware groups rely on cryptocurrencies for payment due to the relative difficulty of tracking blockchain transactions.

BlackCat is no exception. Cybersecurity firm SafeBreach said in 2022 that the group demanded ransoms in Monero (XMR) and Bitcoin (BTC) between $400,000 and $3 million. He also suggested that victims have to pay an additional 15% fee if they pay in Bitcoin.

The group presumably charges these additional fees due to the fact that Bitcoin has fewer privacy features than Monero. In order to keep illegal Bitcoin transactions private, BlackCat would have to launder funds through a coin mixer and pay the corresponding fees. Separate reports from the Cybersecurity Division of the US Department of Health and Human Services suggest that the group is indeed moving Bitcoin through mixers.

Despite BlackCats reliance on crypto, the Reuters report makes no mention of the cryptocurrency or the amount of crypto BlackCat demanded from Azimut.

Incidentally, Azimut itself has invested in blockchain ventures including mining firm Alps Blockchain and partially crypto asset manager Diaman Partners.

There is no indication that these actions are related to BlackCats’ decision to target the company, as the cybercrime group has targeted various non-crypto organizations. More recently, the group claimed responsibility for an attack on cosmetics company Estelle Lauder.

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