Written by AJ Vicens
Apr 22, 2022 | CYBERSCOOP
Russia’s Feb. 24 invasion of Ukraine has put a serious crimp in cybercriminals’ ability to move and cash out their ill-gotten profits, forcing complicated workarounds and an unsure future, according to an analysis from threat intelligence firm Flashpoint.
The international sanctions targeting large chunks of Russia’s banking system — along with the Russian government’s efforts to counteract them, recent international law enforcement actions against cybercrime forums Hydra Marketplace and RaidForums and measures taken by the Russian government to more tightly control its internet infrastructure — “has challenged the status quo between Russian cybercriminals and the country that turns a blind eye to, or supports, their illicit activities,” Flashpoint researchers wrote in a blog post Thursday.
“It has also prompted threat actors to pursue workarounds to transfer funds between Russia and other countries, either through novel means or by re-calibrating existing cash-out methods — as well as scramble for safety,” the researchers wrote.
Flashpoint researchers monitor conversations and posts in various dark web cybercrime forums which feature not only stolen data and malicious software for sale, but discussions of how to move around and ultimately cash out the profits. Moving the