Report: Ransomware Group Embargo Has Processed Approximately $34.2 Million in Cryptocurrency

According to a report by Jinse Finance, blockchain intelligence firm TRM Labs stated that a ransomware group called Embargo has processed approximately $34.2 million in cryptocurrency since its emergence in April 2024, with victims primarily located in the United States and spanning the healthcare, business services, and manufacturing sectors. TRM speculates that Embargo is likely an upgraded version or successor of the BlackCat/ALPHV ransomware, citing technical overlaps such as Rust-based malware, similarly designed leak sites, and on-chain links through shared wallet infrastructure. TRM noted that known targets of the group include United Pharmacy in the U.S., Memorial Hospital and Manor Hospital in Georgia, and Weiser Memorial Hospital in Idaho, with ransom demands reaching as high as $1.3 million.