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RansomHub: An Emerging Ransomware-as-a-Service

Combating Ransomware

Threat Actors

Since first emerging in February 2024, ransomware-as-a-service (RaaS) group RansomHub has added over 75 victims to its data leak site (DLS). Believed by the intelligence community to be a rebrand of the short-lived “Knight” ransomware group, RansomHub has already made a more significant impact than its alleged predecessor, based on the number of victims and high-profile targets. Recently, RansomHub was observed exploiting the Windows ZeroLogon vulnerability (CVE-2020-1472) for initial access into victim environments. 

The Knight Ransomware Connection 

Many intelligence communities believe RansomHub is a rebrand of Knight ransomware, which may be correct. However, there is an interesting timeline that paints the possibility of an alternate scenario. 

  • Advertisements for the RansomHub RaaS began in the cyber underground on February 2. They cited an encryptor written in the C++ and Go programming languages and offered adjustable encryption algorithms based on affiliate requirements. A new DLS showcasing the RansomHub brand accompanied the dark web advertisements. 

  • The Knight ransomware source code was listed for sale on the underground RAMP forum on February 18, 2024. 

  • The source code is believed to have been sold two days later, on February 20, to an unknown buyer. 

  • RansomHub listed the first victim on its DLS on February 21, one day after the believed sale of the Knight ransomware source code. 

While Arete cannot say for sure whether the threat actors behind RansomHub are the same as those behind Knight ransomware, we are certain that the RansomHub encryptor is based on the Knight ransomware source code. Considering the above timeline, the two most plausible hypotheses are that the actors behind Knight ransomware were waiting to sell their source code before officially launching the rebrand or that the actors behind RansomHub immediately began leveraging their recently purchased encryption capability to target victims in the wild. 

Victimology 

Since its emergence, RansomHub has targeted several high-profile targets and caused a broad impact across multiple sectors: 

  • Frontier: RansomHub extorted telecom giant Frontier and threatened to release 750,000 social security numbers from its customer base. 

  • Christie’s: RansomHub extorted the auction house for the wealthy with the threat of releasing data on 45,000 clients. 

  • Change Healthcare: Following a data security incident, RansomHub attempted to sell PHI stolen from the healthcare giant on the dark web. 

These incidents demonstrate that RansomHub doesn’t shy away from “big game hunting” or sensitive sectors amidst the recent wave of law enforcement actions against ransomware groups. They also showcase that the group is opportunistic when it comes to monetizing its efforts. Most ransomware groups will not invest the time or effort to sell data on the dark web in favor of simply demanding ransoms from their victims. However, RansomHub took the approach of selling the allegedly stolen data from Change Healthcare.  

Should the actors behind RansomHub prove to be the same as those behind Knight ransomware, it should be noted that Knight’s tenure in cybercrime was short lived, as the group was only active for seven months before the source code was listed for sale on RAMP forums.

While not certain, the intent of a hasty exit and rebrand could explain the motivation behind the group’s bold targeting of victims. 

Analyst Comments 

Regardless of the threat actors behind the operation or how long the group will remain active, RansomHub is currently one of the most prolific cybercrime groups active in the threat landscape. The group has targeted a wide range of high-profile victims in its short tenure thus far, and the actors are clearly not afraid to monetize their efforts in any way possible. Arete will continue monitoring for any change of tactics, dark web chatter, or the indication of a possible rebrand for the group. 

Sources 

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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