Connect with us

Hi, what are you looking for?

White Papers

Chinese underground marketplaces drive billions in illicit transactions; AI-accelerated ransomware surges

Despite the Chinese government’s internet restrictions and eCrime crackdown, anonymized marketplaces remain central to cybercrime activity across Asia Pacific and Japan (APJ).

CrowdStrike released the 2025 APJ eCrime Landscape Report, exposing a thriving Chinese-language underground ecosystem and the rise of AI-enhanced ransomware operations.
Despite the Chinese government’s internet restrictions and eCrime crackdown, anonymized marketplaces remain central to cybercrime activity across Asia Pacific and Japan (APJ). This ecosystem provides a safe haven for Chinese-speaking actors to buy and sell stolen credentials, phishing kits, malware, and money-laundering services – processing billions in illicit transactions.
At the same time, AI is transforming the ransomware economy. From AI-enhanced social engineering to automated malware development, AI is accelerating every stage of the attack chain – representing a new wave of adversaries executing Big Game Hunting campaigns against high-value organizations across APJ.
Based on frontline intelligence from CrowdStrike’s elite threat hunters and intelligence analysts tracking more than 265 named adversaries, the report revealed:
  • Chinese eCrime Marketplaces Evade Oversight: Amid tightened restrictions, Chinese underground markets — including Chang’an, FreeCity, and Huione Guarantee — preserve anonymity across clearnet, darknet, and Telegram channels. This decentralized ecosystem remains a hub for Chinese-speaking actors focused on operational security (OPSEC), with Huione Guarantee alone processing an estimated $27 billion USD before its 2025 disruption.
  • AI Escalates Big Game Hunting Ransomware Campaigns: AI-accelerated ransomware on high-value targets surged, with India, Australia, and Japan among the most impacted countries. Emerging Ransomware-as-a-Service providers KillSec and Funklocker – leveraging AI-developed malware – accounted for more than 120 incidents. Top targeted sectors included manufacturing, technology, and financial services, with 763 victims publicly named on dedicated leak sites.
  • Chinese-Speaking Actors Exploit Japanese Trading Accounts: Coordinated account takeover (ATO) campaigns targeting Japanese securities platforms compromised users to artificially inflate the value of thinly traded China-based stocks. This pump-and-dump scheme, traced to Chinese-speaking threat actors, used shared phishing infrastructure to sell victim data on underground forums, including Chang’an Marketplace.
  • eCrime Service Providers Industrialize Attacks: Providers such as CDNCLOUD (Bulletproof Hosting), Magical Cat (Phishing-as-a-Service), and Graves International SMS (Global Spam Service) enabled scalable phishing, malware distribution, and monetization operations throughout the region.
  • Remote Access Tools Target Regional Users: Likely Chinese-speaking eCrime actors deployed tools like ChangemeRATElseRAT, and WhiteFoxRAT to exploit Chinese- and Japanese-speaking users through SEO poisoning, malvertising, and phishing attacks masquerading as purchase orders.
“eCrime actors are industrializing cybercrime across APJ through thriving underground markets and complex ransomware operations. Simultaneously, AI-developed malware enables adversaries to launch high-velocity, high-volume attacks,” said Adam Meyers, head of counter adversary operations at CrowdStrike. “Defenders must meet this new pace of attack with decisive action, powered by AI, informed by human experience, and unified in response.”
Download the 2025 APJ eCrime Landscape Report to explore in-depth insights, adversary profiles, and expert strategies for defending against APJ’s evolving cyber threats.
Advertisement
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

Globe highlighted the importance of hybrid connectivity models that combine terrestrial networks with satellite technologies to ensure continuous service across more than 7,000 islands.

HEADLINES

Supported by Google.org with USD 5 million funding, the program aims to build scam resilience for 3,000,000 people across ASEAN, representing one of the...

HEADLINES

Attackers are drawn to QEMU and more common hypervisor-based virtualization tools like Hyper-V, VirtualBox, and VMware because malicious activity within a virtual machine (VM)...

HEADLINES

The vulnerability resides in the BootROM – firmware embedded at the hardware level. Attackers could potentially get access to any data stored on the...

HEADLINES

As attacks move at machine speed, security programs built on fragmented tools and manual processes are increasingly outmatched. Defending against agentic adversaries will require...

HEADLINES

Trust in cybersecurity vendors is fragile, difficult to measure, and increasingly shaping risk posture at both operational and board levels.

HEADLINES

"Globe will comply with the NTC directive as it actively participates in making the online space safe for children. In particular, Globe advocates protecting...

HEADLINES

The government has placed Roblox under strict monitoring after receiving complaints from parents, educators, religious organizations and the public on the alleged dangers children...

Advertisement