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Lockbit Breaches 100-Year-Old US Company

Bogdan Pătru

By Bogdan Pătru . 31 March 2024

Tech Writer

Alex Popa

Fact-Checked this

Lockbit announced another successful ransomware breach, this time against Lavelle Industries, Inc. This is a renown American rubber and plastics manufacturer with over 100 years of experience in the industry.

  • According to Lockbit’s OP, the victim has between 200 and 500 employees and packs a revenue of $500 million or more
  • Lockbit currently ranks as the most dangerous and advanced ransomware actor in the industry, with thousands of victims worldwide
  • The cybercriminal organization was attacked by the FBI over a month ago, but it managed to resume its operations shortly after
  • Ransomware attacks have been on the rise over the past year, and Lockbit is at the forefront of the trend

Lockbit hackers are only motivated by money, which is why they always target high-value corporations. The gang itself is described as a hardened negotiator who demands high ransoms and doesn’t make compromises.

FBI’s Cronos operation that took place at the beginning of 2024 failed to dismantle Lockbit but brought some much-needed light into the organization’s structure. As the FBI showed, Lockbit has compiled a list of at least 2,000 victims since its inception.

The same report showed that Lockbit amassed a little over $121 million in ransom gains, making it the most profitable ransomware gang in recent times.

X showing the LockBit attack on Lavelle Industries, Inc

It’s worth noting that Lockbit advertises itself as a RaaS (Ransomware-as-a-Service), so the ransom revenue is split among the affiliates as well. Even so, the ransomware gang appears to be very wealthy, resourceful, and influential.

Not much is known about this last attack, as Lockbit has not published any details pertaining to the actual operation. The only relevant data available is the counter, which shows that the victim has around 3 days to meet Lockbit for negotiations.

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Did Lockbit Actually Survive the FBI?

This is a legitimate question, given that many ransomware actors have staged unsuccessful FBI operations against them in the past. They’ve done so to paint themselves as above the law enforcement agency when they would eventually return.

Which they typically do several days later, claiming that they’re untouchable. This is a trick meant to increase the gang’s reputation and intimidate potential victims. Is this what Lockbit has done?

The answer is no. FBI’s operation Cronos was legitimate and aimed to bring down the infamous ransomware ring. While the feds gained access to the gang’s structure and operations and seized their website, the success was short-lived.

Lockbit returned days later, restored its website, and attacked the FBI itself in response. This shows that Lockbit is a legitimately powerful and resourceful organization that isn’t likely to go down without a fight.

And even if it does, it won’t disappear. As is the case with most ransomware actors in similar situations, Lockbit is likely to reorganize, redistribute its assets, and rebrand itself. Some hackers may go down in the process, but the organization itself will live on.

It’s worth mentioning that the FBI’s operation revealed that Lockbit had version 4 in advanced development. This means that now would be a good time to boost your cyber defenses if you haven’t already.

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