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Conti Ransomware is the New Ryuk?

Arete Analysis

Summary 

Arete’s Threat Intelligence team observed that Conti ransomware could be a rebrand of Ryuk ransomware, as both variants use similar tactics to deploy ransomware executables. 

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Background 

Based on analysis of Conti ransomware, which was originally spotted in the wild in February of this year, the Arete Threat Intelligence team believes that this variant is being operated by the same group that conducted Ryuk ransomware attacks in the past. Digital forensics analysis of systems impacted by Conti ransomware revealed that it is generally being deployed by the attackers using the TrickBot banking trojan. Since early 2019, Ryuk ransomware operators exclusively used TrickBot trojan in their operations. In the 1st quarter of 2020, the number of Ryuk ransomware attacks significantly declined while the number of new Conti matters started to rise, which is a secondary indicator of a connection between both variants. 

Conti Overview

Conti is a sophisticated ransomware variant that emerged in February 2020. Unlike most of its’ peers, Conti ransomware encrypts files on victims’ machines significantly faster by running 32 concurrent threads and utilizing all computing power that impacted systems have available. As a result of that, devices with multi-core CPUs get encrypted quicker. Conti has the capability to encrypt local hard drives, network shares and other devices on the local network. To encrypt the data, Conti uses the AES-256 encryption key, which is bundled with the RAS-4096 public encryption key (Note: this key is unique for each victim). Since the encryption key is unique for each victim, Conti operators cannot provide a decryption tool, which would work only on specific devices. The Conti decryption tool works on all encrypted systems within a victim’s networks. 

Prior to the start of the encryption, Conti leverages Windows Restart Manager to disable security, backups and other applications that may keep files locked on the impacted systems. Then it deletes Shadow Volume copies to make it impossible to use built-in Windows volume backups to restore data after the encryption. 

Once encryption completes, the .CONTI extension is added to all encrypted files and the ransom note, CONTI_README.txt, is placed in each folder. Each ransom note contains 2 email addresses to get in touch with the attackers, which are unique for each victim. This method is consistent with what Ryuk operators used in their attacks. Conti operators use a unique set of emails to identify each victim, so it does not matter if a victim responds from a corporate account or from a public email account – attackers still will know which victim they are communicating with. Just like Ryuk, Conti conducts research into information about their victims and sets ransom demands based on what they believe the victim can afford to pay. 

Conti Ransom Note

Figure 1 - % of Data Exfiltration in Ryuk matters

It was uncommon for Ryuk to exfiltrate data from victims’ systems. Based on Arete analysis of previous matters, we only observed data exfiltration in 7% of cases. Unlike Ryuk, it appears that Conti ransomware operators decided to join the bandwagon of other 20+ variants that steal data from victims’ environments prior to the encryption. Conti also created a web site where they publish lists of their victims in attempt to improve their chances of getting paid. In the last few weeks, Conti stepped up their extortion attempts and, in some cases, called the owner/managers of companies directly, to inform them that they have been compromised and threaten them to release the stolen data if they don’t pay. 

Security Recommendations

Below are a few recommendations that will help to protect your organization from Conti ransomware attacks: 

  1. Implement a sophisticated Endpoint Detection & Response (EDR) solution that will rely on behavior analysis, instead of just malware signatures, and have tamper-proof capabilities. 

  2. Keep your systems updated and disable SMBv1, to protect against Windows EternalBlue vulnerability, which is actively being used by the TrickBot banking trojan to propagate within a victims’ environment. 

  3. Block outbound traffic on your firewall for ports 447, 449 & 8082 (Note: along with 443 those ports are commonly used by TrickBot) and implement geo-blocking for foreign countries that you don’t have any employees in and don’t do business with.

  4. Continuously educate your users on how to identify suspicious phishing emails and attachments. 

  5. Implement an off-site backup solution and test it regularly 

Figure 2 - Screenshot of the Conti exfil site

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Article

Critical MOVEit Automation Vulnerabilities Disclosed

A security advisory released by Progress Software details critical and high-severity vulnerabilities affecting their MOVEit Automation managed file transfer (MFT) solution. The vulnerabilities, tracked as CVE-2026-4670 and CVE-2026-5174, could allow a threat actor to bypass authentication and escalate privileges, leading to unauthorized access, administrative control, and data exposure. Cybercriminals have leveraged several MFT tools in previous campaigns, including the Accellion File Transfer Application (FTA), Fortra GoAnywhere MFT, and Cleo MFT. Flaws in MFT software are highly targeted by cybercriminals due to the volume and sensitivity of the data they control. 

What’s Notable and Unique

  • MOVEit Transfer was heavily exploited by the Cl0p ransomware group in the summer of 2023. While the window of exploit activity lasted only a few weeks, victim extortion and data leaks continued throughout the remainder of the year, leading to more than 70 class-action lawsuits filed in the U.S.

  • There is no workaround or hotfix for these vulnerabilities. To fully patch the flaws, MOVEit administrators need to perform a "full install" of the latest version, which will require taking the system offline.

  • Security researchers have discovered ~1,400 MOVEit Automation instances exposed to the internet, with dozens belonging to U.S. local and state government agencies.

Analyst Comments

While the vulnerabilities patched in Progress Software's recent release differ from the SQL injection vulnerability exploited by the Cl0p ransomware group in 2023, exploitation of CVE-2026-4670 and CVE-2026-5174 could lead to equally impactful outcomes. Beyond the immediate impacts on affected organizations, trusted data-exchange platforms provide threat actors with an avenue to obtain sensitive information and infect partner and supplier environments. Furthermore, Arete has seen the time window between disclosure and weaponization of critical vulnerabilities continue to shrink, especially as threat actors increasingly adopt AI-enabled tooling. As such, organizations should not only implement the patches released by Progress Software, but also hunt for typical post-compromise behavior like enumeration of the underlying database, the creation of new user accounts or users operating with unexpected administrator privileges, and the presence of unauthorized remote monitoring and management (RMM) tools. 

Sources

  • MOVEit Automation Critical Security Alert Bulletin – April 2026 – (CVE-2026-4670, CVE-2026-5174) 

  • From Breach to Courtroom: Inside the MOVEit Exploitation and Mass Litigation 

  • Progress warns of critical MOVEit Automation auth bypass flaw 

A graphic with futuristic lines showing a text saying Ransomware Trends and Data Insights, a monthly blog post.
A graphic with futuristic lines showing a text saying Ransomware Trends and Data Insights, a monthly blog post.

Article

Ransomware Trends & Data Insights: April 2026

The threat landscape has remained relatively predictable thus far in 2026. In April, Qilin dethroned Akira as the most active threat group for the month. Akira, who had been the top ransomware threat each month since July 2025, was still only slightly behind Qilin and had roughly the same activity level as in March. INC Ransom and DragonForce also remained active threats in April, with those four ransomware groups accounting for half of all ransomware and extortion activity observed by Arete.

A monthly graph showing the latest threat actor accounting for half of all ransomware and extortion acitivty observed by Arete.

Figure 1. Activity from the top 3 threat groups in April 2026

Throughout the month, analysts at Arete identified several trends behind the threat actors perpetrating cybercrime activities:

  • Multiple ransomware operations continue to leverage the Bring Your Own Vulnerable Driver (BYOVD) technique to disable endpoint security controls prior to ransomware deployment. Qilin has recently been observed leveraging a malicious file loaded via DLL side-loading along with vulnerable drivers, including rwdrv.sys and hlpdrv.sys, to gain kernel-level access and disable security processes. Arete observed Akira using the same vulnerable drivers in multiple engagements dating back to Q3 2025.


  • DragonForce has leveraged several of the same tools in recent engagements, including the remote desktop application Remotely Agent and the PoisonX.sys vulnerable driver. Additionally, open-source reporting indicates that the group recently used a Python-based backdoor known as VIPERTUNNEL to maintain reliable operator access and evade detection. DragonForce was responsible for over 7% of Arete ransomware engagements in April, and Arete notes increased activity from the group this year compared to 2025.


  • A social engineering tactic has reemerged in recent months in which threat actors impersonate IT and helpdesk staff via Microsoft Teams to contact employees and attempt to convince them to install remote access tools like Quick Assist, giving the threat actors remote access to the victim’s environment. This tactic was initially observed in late 2024 and early 2025 and was linked to now-defunct groups like Black Basta and Cactus, but has more recently been observed in intrusions linked to the Akira and Payouts King ransomware groups.

Sources

  • Arete Internal

Article

Payouts King Utilizes QEMU Emulator to Bypass EDR

Researchers recently identified threat actor campaigns leveraging QEMU, a free open-source virtual machine (VM) emulator, to evade endpoint security solutions. Since QEMU acts as a VM within the target environment, endpoint detection tools cannot scan inside the emulator or detect any malicious files or payloads QEMU contains. Although threat actors have been utilizing QEMU maliciously since 2020, recent activity is attributed to the Payouts King ransomware group and a cluster of threat actors believed to be initial access brokers who have also been exploiting the CitrixBleed2 vulnerability CVE-2025-5777.

What’s Notable and Unique

  • Payouts King has been observed deploying QEMU since November and uses the VM to create a reverse SSH backdoor to evade detection and install various tools, including Rclone, Chisel, and BusyBox.

  • In a separate campaign, threat actors are exploiting CVE-2025-5777, a Citrix NetScaler vulnerability that allows attackers to bypass authentication. Once they’ve gained initial access, the threat actors use QEMU to deploy tools inside the VM, which are then used to steal credentials, identify Kerberos usernames, perform Active Directory reconnaissance, and set up FTP servers for staging or data exfiltration.

Analyst Comments

Threat actors continue to focus their efforts on defense evasion, often leveraging legitimate, easily accessible tools such as QEMU. The continued use of QEMU by multiple threat actors highlights the effectiveness of these tactics and the difficulty in detecting and defending against them. To counter this campaign, organizations should proactively monitor for unauthorized QEMU installations, abnormal scheduled tasks, and port forwarding rules. 

 Sources

  • QEMU abused to evade detection and enable ransomware delivery

Article

Microsoft Teams Continues to be Leveraged in Social Engineering Attacks

Microsoft warns that threat actors are increasingly abusing Microsoft Teams and relying on legitimate tools to gain access and conduct lateral movement within enterprise networks. The threat actors impersonate IT or helpdesk staff to contact employees via cross-tenant chats and trick them into granting remote access for data theft. Microsoft has observed multiple intrusions with a similar attack chain that utilized commercial remote management software, like Quick Assist and the Rclone utility, to transfer files to an external cloud storage service. This tactic, notably associated with Black Basta and Cactus ransomware operations in late 2024 and early 2025, appears to have resurfaced, with similar activity more recently observed in intrusions linked to the Akira and Payouts King ransomware groups.

What’s Notable and Unique

  • Initial access is achieved by leveraging external collaboration features in Microsoft Teams to allow impersonation of internal support personnel, tricking users into bypassing security warnings. This reflects abuse of legitimate functionality rather than exploitation of a Microsoft Teams vulnerability.


  • Following initial access, attackers conduct rapid reconnaissance using Command Prompt and PowerShell to assess privileges, domain membership, and opportunities for lateral movement. Persistence is maintained through Windows Registry modifications, after which attackers leveraged WinRM for lateral movement, targeting domain-joined systems and high-value assets, including domain controllers.


  • Malicious payloads were staged in user-writable directories and executed through DLL side-loading via trusted, signed applications, enabling covert code execution while blending with legitimate activity. Additional remote management tools were also deployed to support broader access, while Rclone or similar utilities were used to stage and exfiltrate sensitive data to external cloud storage. 

Analyst Comments

This activity highlights how modern threat actors can leverage trusted collaboration workflows, remote management tools, and stealthy exfiltration techniques to conduct intrusions through a combination of social engineering and misuse of legitimate functionality. Effective defense depends on layered mitigations that combine identity controls, restricted remote administration, endpoint hardening, network protections, and user awareness measures to disrupt attacker activity at multiple stages of the intrusion lifecycle. To mitigate the risk of this and similar campaigns, users should treat external Teams contacts as untrusted by default, and administrators should restrict or closely monitor remote assistance tools while limiting WinRM usage to controlled systems. 

Sources

  • Cross‑tenant helpdesk impersonation to data exfiltration: A human-operated intrusion playbook

  • Microsoft: Teams increasingly abused in helpdesk impersonation attacks

  • Payouts King Takes Aim at the Ransomware Throne