Russians Arrested in Phuket Over $16M Crypto Ransomware Spree

Thai authorities have arrested four Russian nationals, accusing them of orchestrating a ransomware attack on a Swiss company. The suspects, believed to be members of the 8Base organization, allegedly used the Phobos ransomware to target 17 Swiss companies between April 2023 and October 2024. The group is also linked to around 1,000 global victims, with approximately $16 million worth of Bitcoin stolen.

The suspects are accused of infiltrating the networks of multiple European companies, encrypting data, and demanding ransom payments in cryptocurrency for decryption. The Phobos ransomware is known for targeting small and medium-sized enterprises with weak network security measures. The 8Base organization has been identified as a key player in the cryptocurrency ransomware ecosystem.

The four Russians are currently awaiting extradition to face charges related to their alleged involvement in ransomware attacks. This international coordinated effort by law enforcement authorities in Phuket, Thailand, highlights the growing threat of cybercrime and the importance of global cooperation in combating it.