US court seizes $8.37 million in crypto from executive tied to ransomware group

Investigators found that Martino distributed his assets across several blockchain ecosystems. The seized cryptocurrencies included 90.319 Bitcoin, valued at approximately $5.84 million, which formed the bulk of his portfolio as an anti-inflation store of value. Authorities also secured 56,174.15 XRP from the wallet identified as “…EkThx6” and 39,760.79 XLM held at address “…5RJ3BD.” Small holdings of Solana’s native SOL token were also confiscated during the operation.

In addition to digital currencies, two luxury homes, premium cars, and motorboats located in Florida have been forfeited as proceeds from racketeering and cyber-enabled crime.

Angelo Martino worked as a professional negotiator for large companies hit by ransomware attacks. According to court documents, he was trusted to represent firms targeted by BlackCat, also known as ALPHV, a notorious ransomware group that gained prominence for encrypting corporate networks and demanding multi-million dollar payments for decryption keys.

Instead of protecting client interests, Martino acted as an intermediary, covertly disclosing sensitive financial details to the attackers. He revealed the victims’ true budgets and the limits of their insurance coverage, enabling BlackCat to maximize its ransom demands. In return, Martino reportedly received a fixed percentage of the ransomed sum, often paid in BTC and XRP.

Over time, authorities say Martino’s collaboration with the ransomware group deepened, making him an active participant in the extortion process rather than just a facilitator.

Mini dictionary: BlackCat (ALPHV) is an advanced ransomware group known for targeting large organizations and conducting high-value extortion via sophisticated encryption attacks.

Trusted to negotiate with hackers, Martino provided critical inside information to the BlackCat ransomware group, informing them of his clients’ financial capacity and insurance limits. This enabled the hackers to demand higher payments, while Martino took a predetermined of the extorted cryptocurrency.

Following an extensive investigation, Martino was convicted in a federal court and sentenced to 70 months in prison. The recent forfeiture order targeted more than $8.3 million in digital and physical assets, effectively dismantling the financial infrastructure of his operation. Prosecutors stated that this resolution represents a decisive step in holding insiders accountable for enabling cybercrime.

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