WASHINGTON —The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated sanctions against Genesis Market, one of the world’s largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive information.
“Genesis Market gains unauthorized access to victim devices and offers stolen data, including usernames and passwords, for sale,” Treasury stated. “This action was coordinated with the U.S. Department of Justice (DOJ) and international partners from a dozen countries, who are taking law enforcement actions against Genesis Market users across multiple jurisdictions and seizing the website domains associated with Genesis Market.”
Darknet Markets
Treasury said in a statement it has long recognized the illicit finance risks associated with darknet markets, and today’s sanctions designation builds upon previous actions against darknet marketplaces, such as the designation of Hydra Market, which OFAC designated on April 5, 2022.
In addition, Treasury said its 2022 National Money Laundering Risk Assessment identified that darknet markets provide an opportunity for criminals to profit from unauthorized access to victim computers by selling stolen data to other criminals for further exploitation.
Believed to be in Russia
According to Treasury, Genesis Market operates a criminal marketplace and is believed to be located in Russia. It has both a clearnet (traditional Internet) and a darknet presence and is one of the most prominent brokers of stolen credentials and other sensitive information.
“Genesis Market identifies victim computer systems and gains unauthorized access to them, selling this access to cybercriminals for further exploitation. Its website compiles stolen victim data—including computer and mobile device identifiers, email addresses, usernames, passwords, and other credentials—from malware-infected systems around the globe and packages it for sale,” Treasury said. “As of February 1, 2023, there were approximately 460,000 packages listed for sale on Genesis Market, each of which represents a single, compromised victim computer or device. These packages contain stolen passwords and personal information for a variety of online accounts, including email, social media, and video streaming platforms, among others.”
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