Ransomware gang claims cyber attack on Federal Reserve

A stock image of a hacker using a computer to infect a server with a virus
(Image credit: Getty Images)

Notorious Russia-based ransomware gang Lockbit 3.0 have claimed responsibility for a cyber attack on the US Federal Reserve.

The attack, which was announced on June 23 via a post on a site associated with the ransomware gang, allegedly saw the gang infiltrate the systems of the US Federal Reserve and exfiltrate 33 TB of sensitive banking information.

In the post, which was entitled 'federalreserve.gov', the gang explained how the Federal Reserve is structured, and its role in distributing money across the 12 US banking districts. It also gave the Reserve a 48-hour deadline to fire their "clinical idiot" of a negotiator (Lockbit's words, not mine) who had apparently valued the worth of America's banking secrecy at $50,000. The gang demanded the Federal Reserve hire a new one.

An announcement of the cyber attack on the US Federal Reserve by Lockbit 3.0

(Image credit: Red Hot Cyber)

Lockbit 3.0 is notorious for its aggressive negotiation tactics and its targeting of high-profile organizations. Other recent victims of the ransomware gang include Canadian pharmacy chain London Drugs, the City of Wichita and the Hôpital de Cannes - Simone Veil.

The attack on the Federal Reserve follows the unmasking by the US Justice System of Russian national Dmitry Khoroshev as the developer, creator and administrator of the ransomware gang.

Olivia Powell
Tech Software Commissioning Editor

Olivia joined Tom's Guide in October 2023 as part of the core Future Tech Software team, and is the Commissioning Editor for Tech Software. With a background in cybersecurity, Olivia stays up-to-date with all things cyber and creates content across TechRadar Pro, TechRadar and Tom’s Guide. She is particularly interested in threat intelligence, detection and response, data security, fraud prevention and the ever-evolving threat landscape.