Feds Unveil Huge Reward for Hive Ransomware Info

• The U.S. Department of State unveiled rewards of up to $10 million for information leading to the identification of Hive ransomware leaders and up to $5 million for aiding in the arrest or conviction of individuals involved in Hive activities.
• The FBI's successful penetration of Hive's networks in July 2022 allowed for the acquisition of decryption keys, preventing an estimated $130 million in ransom payments and aiding victims globally.
• Hive ransomware has targeted over 1,500 institutions in 80 countries, amassing over $100 million in theft. Despite recent law enforcement actions, ransomware incidents continue to disrupt critical services, with attacks on hospitals, schools, and governments posing significant challenges.

The U.S. Department of State announced on Thursday that it would provide a reward of up to $10 million for information leading to the identification or location of leaders associated with the Hive ransomware gang.

Additionally, the agency stated it would offer a reward of up to $5 million for information resulting in the arrest or conviction of any individual, regardless of their location, involved in Hive ransomware activities.

The State Department highlighted the FBI's efforts in penetrating Hive's computer networks starting in late July 2022. Through this operation, the FBI obtained decryption keys and provided them to victims globally, preventing an estimated $130 million in ransom payments.

Read also:Red Alert on Wall Street: Stocks Tumble With Apple Leading the Retreat

Extensive Global Impact and Escalating Threats

More than 1,500 institutions in more than 80 countries, including the United States, have been the target of Hive and its associates since 2021, resulting in the theft of more than $100 million. School districts, banking institutions, and vital infrastructure are among the victims.

The generous reward offered by the federal government for intelligence is two weeks after U.S. After the FBI spied on the cybercriminals for more than a year, Attorney General Merrick Garland said that the organization had broken apart internationally and taken control of its servers in California.

Ransomware organizations like as Hive create harmful software with the intention of entering computer networks by various means, such as phishing emails. They then hold their victims hostage and demand money to free their computers using decryption keys.

According to the Justice Department, in one instance, Hive's attack on a hospital in the Midwest caused treatment to be halted at the height of the COVID-19 outbreak and required the facility to pay a ransom before it could begin treating patients.

According to statistics from Chainalysis, ransomware payments globally crossed $1 billion last year after falling in 2022. The security company Emsisoft stated in a blog post last week that ransomware directly affected thousands of private-sector businesses and more than 2,200 hospitals, schools, and governments in the United States in 2023.

Related article:Davos Experts See Subdued World Economy in 2024, Regional Divergence Expected