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Cybersecurity experts have raised fresh concerns following a new ransomware incident involving the notorious LockBit3 group. On May 9, 2025, at 11:00 AM UTC+3, ThreatMon, a threat intelligence platform specializing in ransomware tracking, reported that the investment firm Hennessy Funds had been listed on LockBit3’s victim board on the dark web. The update, released on ThreatMon’s Twitter account (@TMRansomMon), has sparked discussions across the cybersecurity community regarding the evolving threat landscape and the persistent danger posed by highly organized ransomware syndicates.
LockBit3, a rebranded evolution of the infamous LockBit gang, has been active since 2019 and is known for its advanced ransomware-as-a-service (RaaS) model. It continues to target organizations with financial leverage, strong brand reputations, and a perceived willingness to pay for data recovery. The inclusion of a well-known financial firm such as Hennessy Funds in their list underscores the threat’s continued focus on the financial sector.
the Incident
Threat Actor: LockBit3 (also known as LockBit Black)
Victim: [HennessyFunds.com](http://hennessyfunds.com)
Date of Listing: May 9, 2025
Time: 11:00 AM (UTC+3)
Reported by: @TMRansomMon (ThreatMon Ransomware Monitoring)
Source: Dark Web post by LockBit3
Sector Targeted: Financial / Investment Management
Attack Type: Ransomware – likely involving data exfiltration and extortion
Ransom Model: Double extortion (encrypt + leak threat)
ThreatMon Role: Monitors ransomware activity across deep web and dark web using OSINT and proprietary threat detection tools
Current Response: No public statement yet from Hennessy Funds
Risk Level: High – based on historical LockBit3 attack fallout
Notable: LockBit3 continues to adapt tactics post-2023 international crackdowns
Impact Potential: Client data exposure, regulatory fines, investor confidence erosion
Attack Pattern: LockBit3 often gains access via phishing, RDP vulnerabilities, or unpatched software
Dark Web Listing Validity: Confirmed by independent researchers
Geo-Focus: Though based globally, LockBit has heavily targeted U.S.-based organizations
Tooling Used: Custom malware builds, obfuscation, lateral movement, data encryption
Data at Risk: Financial reports, customer portfolios, internal communications
Possibility of Payment: Unknown; many financial firms choose not to disclose ransom dealings
Recovery Timeframe: Weeks to months depending on data integrity and backups
Monitoring Platform: ThreatMon – GitHub accessible platform for IOC & C2 detection
Broader Context: Rising ransomware cases in Q2 2025, particularly targeting finance
Trend: Professional RaaS groups becoming more selective and surgical in attacks
Mitigation Tactics: Endpoint protection, continuous monitoring, staff training
Government Involvement: Possible – depends on data classification and jurisdiction
Security Community Response: Monitoring ongoing, no public decryptor yet released
Historical Parallel: Similar pattern to the 2023 Capita and Colonial Pipeline cases
Concern: Return of major ransomware operators despite global takedown attempts
Key Insight: Data extortion remains the dominant monetization strategy
Urgency: Immediate assessment and response advised for similar sector firms
What Undercode Say:
This incident with Hennessy Funds illustrates a broader trend in how financially motivated threat actors are refining their targeting strategies. LockBit3, now operating under its latest iteration, represents a maturing ecosystem of cybercrime where syndicates not only develop malware but also provide structured affiliate models and customer support for ransom negotiations.
The LockBit3 RaaS model empowers even low-skilled hackers to initiate attacks, expanding the group’s operational reach. Notably, their persistence in attacking high-profile institutions indicates a shift from mass infection to high-value precision hits. The victim here — an investment firm — signals deliberate targeting, likely based on both perceived data value and presumed insurance coverage.
From a threat intelligence standpoint, the listing of a victim on a leak site is often the final act in a ransomware operation, used to increase pressure for payment. However, it also reflects the attacker’s confidence that exfiltrated data is valuable enough to cause reputational or financial damage. It’s unclear what data was stolen, but prior LockBit attacks have included sensitive financial documents, KYC data, and investment plans.
This event also serves as a case study in the effectiveness of real-time dark web monitoring. Platforms like ThreatMon serve as early warning systems that give organizations a heads-up even before internal security teams detect the breach. It’s a grim reminder that cybersecurity can no longer be reactive — continuous threat hunting is mandatory.
Statistically, the financial sector continues to be among the top three most targeted industries globally, often due to legacy systems, fragmented tech stacks, and the sheer volume of sensitive data involved. Even when patched, the human element — especially through phishing or credential compromise — remains the weakest link.
Moreover, LockBit3’s operational resilience post-law enforcement crackdowns highlights a deeper failure: takedown operations may slow ransomware activity temporarily but do little to dismantle the core architecture. Affiliates simply regroup, rebrand, or migrate to other ransomware families.
From an analytical standpoint, this attack is not just an isolated breach — it’s part of an evolving playbook. It reflects the business logic behind ransomware — targeted ROI, efficient affiliate operations, and strategic leak site timing. Undercode’s perspective is that unless firms integrate threat intelligence deeply into their decision-making, they’ll continue playing defense in a game where offense is faster, smarter, and well-funded.
Fact Checker Results
Claim Validity: Confirmed. The ransomware listing is verifiable via multiple OSINT sources.
Source Credibility: High. ThreatMon is an established threat monitoring platform.
Threat Actor Identity: LockBit3’s signature attack patterns and timing are consistent.
Prediction
LockBit3’s attack on Hennessy Funds is likely the beginning of a targeted spring campaign against mid-sized financial firms. With international pressure mounting against large infrastructure attacks, RaaS operators may pivot to quieter but equally lucrative targets — firms with regulatory exposure, limited internal security teams, and valuable customer data. Expect more “quiet” extortion cases where public disclosure happens only after client or journalist exposure.
References:
Reported By: x.com
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