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LOSTTRUST RANSOMWARE OPERATION ANALYSIS

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LOSTTRUST RANSOMWARE OPERATION ANALYSIS

LostTrust is a recently discovered ransomware group with some interesting characteristics.

They started their operations probably in late 2022, but became known only on September 2023 when they started to post victims on their newly created DLS (Data Leak Site).

Here is our analysis of the group main modus operandi.

The cybercrime group

LostTrust describe itself as a “a group of young people who identify themselves as specialists in the field of network security with at least 15 years of experience.”

On their DLS they clarify that they have nothing to do with political groups or intelligence agencies and that the data present is not the only one in their possession.

LostTrust DLS

As a rule, they report every incident to as much press as possible in the affected region, while data not intended for sale is passed on to designated forums.

LostTrust ransom note

LostTrust cyber attacks

In Hackmanac we analyzed and classified a total of 53 cyber attacks from the group.

Based on what the gang reported in their DLS, 44 of these attacks occurred in the period January-June 2023 and 9 at the end of 2022.

LostTrust group cyber attacks per month in 2023

The average in 2013 is 7.3 cyber attacks per month, but in March we recorded a considerable spike of 28 events.

However, it is important to underline that precise attribution of when the attacks occurred is not easy as the group does not use precise dates but only relative dates.

Main victims

Manufacturing and Professional / Scientific / Technical sectors are the group’s main victims (each accounting for 19% of the total number of attacks).

LostTrust most targeted victim sectors

This is followed by Construction (11%), Education (9%), Other Services, ICT, Gov / Mil / LE (each 5%) and other sectors impacted to a lesser extent.

Most targeted countries

USA (71% of total attacks) and Italy (7%) are the most targeted countries by LostTrust group.

LostTrust most targeted countries

Argentina and Canada (4% each) are other countries affected by the group, followed by other states impacted to a lesser extent.

Probably a rebrand

LostTrust group is believed to be a rebrand of Metaencryptor gang.

MetaEncryptor is a ransomware operation that started their activities in August 2022 and didn’t post anything after July 2023, for a total amount of 13 victims.

In September a new DLS was launched for Lost Trust which, as we reported to Bleeping Computer, uses the same template and bio as MetaEncryptor.

LostTrust VS Metaencryptor DLS

SentinelOne supports this thesis too, also showing similarities in the ransom note construction and in the malware samples of two other gangs, Mindware and SFile, indicating that LostTrust could probably be an evolution of these two groups.

Furthermore, we detected that Lost Trust attacked 7 targets previously affected by 4 other ransomware groups: Medusa, Royal, LockBit 3.0, and NoEscape.

While waiting for further developments, we recommend caution as always.

Stay cyber safe!

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