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Evolve Bank confirms data stolen by ransomware gang

Evolve Bank confirms data stolen by ransomware gang

Days after claiming that it had hacked the US Federal Reserve, the Russia-linked LockBit ransomware gang has posted stolen customer data from Evolve Bank & Trust on the dark web.

In a statement on its site, Evolve confirms that it is investigating a cyber-attack, saying that "bad actors" appear to have posted illegally obtained data online.

LockBit released a cache of files posted across 21 separate links on the dark web after Evolve failed to meet its ransom demands.

Just hours earlier, the gang had claimed to have stolen 33 terabytes of “juicy banking information containing American’s banking secrets” from the Federal Reserve.

The group did not post the data or proof but issued a statement threatening the Fed: “You better hire another negotiator within 48 hours, and fire this clinical idiot who values Americans’ bank secrecy at $50,000”.

For Evolve, the hack comes on the heels of an order from regulators to improve its risk management and get approval before entering into any new partnerships.

The bank has worked closely with fintechs, including the BaaS platform Synapse. Synapse collapsed earlier this year, leaving many of its partners stranded and provoking a dispute with Evolve over the holding of client funds.

The Federal Reserve and the Arkansas State Bank Department found shortcomings in Evolve's oversight of partnerships with fintechs companies and anti-money laundering requirements. 

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