Crypto-Friendly Evolve Bank Compromised By Russian Ransomware Gang Lockbit

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Evolve Bank, a prominent crypto-friendly financial institution, recently fell victim to a cyber-attack by the Russian ransomware gang, Lockbit. This breach has raised serious concerns about the security of banks, especially those facilitating cryptocurrency transactions.

What Happened to Evolve Bank?

According to a post, Lockbit infiltrated Evolve Bank’s network, encrypting critical data and demanding a substantial ransom in cryptocurrency. Lockbit accessed the bank’s system immediately after one of its employees inadvertently clicked on a malicious internet link. 

Although no evidence shows the criminal accessed any customer funds, the attack disrupted the bank’s operations, affecting its customers’ ability to access their accounts and conduct transactions. Lockbit downloaded customer information from the bank’s database and encrypted some data. Also, the ransomware gang mistakenly attributed the data source to the Federal Reserve Bank.

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Evolve Bank to Ensure a Secured Environment

In response to the attack, the bank has taken necessary steps to secure its environment further by resetting passwords globally and reconstructing critical identity Access Management components. Furthermore, the company had deployed endpoint detection and response, while providing security tools to harden the network. The bank, cybersecurity experts, and law enforcement agencies are working to investigate the breach and restore normal operations.

Although many files were downloaded from its systems, Evolve Bank has offered two years of free credit monitoring and identity theft protection to customers whose individual information was affected. Affected individuals will get information or notifications via email from July 8, 2024.

As such, customers and financial technology partners are advised to remain vigilant by monitoring account activity and credit reports. Also, customers are to report any suspicious activity to the law enforcement authorities.

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Authorities Move to Protect Citizens From Cyber Attacks

Recall that in 2022, the United States Treasury’s Office of Foreign Assets Control (OFAC) sanctioned individuals, entities, and addresses associated with a ransomware group with ties to Iran’s Islamic Revolutionary Group Corps (IRGC). This sanction continued a series of actions by the regulator aimed at protecting U.S. citizens from cyber crimes.

Meanwhile, this news followed the sanction of crypto mixer Tornado Cash by the regulator over the laundering of $7 billion. Also, a 29-year-old Russian was repatriated to the U.S. from the Netherlands to face trial over a ransomware attack that happened in 2020.

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