Law Enforcement Action Targets Ransomware Operators – But is it Enough?

Operation Endgame has delivered a significant blow to the ransomware ecosystem by targeting the initial access stage of the attack chain. The effort was led by Europol in coordination with the FBI, U.S. Secret Service, and other international law enforcement agencies, Forbes reports.

The operation dismantled infrastructure used by seven major initial access malware operators: Bumblebee, Lactrodectus, Qakbot, Hijackloader, DanaBot, Trickbot, and Warmcookie. These tools are critical to ransomware affiliates, who use them to gain footholds in target systems before deploying ransomware.

The sweeping takedown resulted in the removal of 300 servers, the neutralization of 650 domains, and international arrest warrants for 20 individuals. Europol described the action as a major disruption to global cybercriminal operations, especially in the cybercrime-as-a-service model where such tools are sold or reused.

Microsoft also contributed by dismantling parts of the Lumma Stealer network, which had facilitated large-scale credential theft. This comes in the wake of the LockBit ransomware group being hacked, further compounding challenges for ransomware operators.

Researchers noted the specific impact on DanaBot and emphasized that similar efforts in the past have effectively cleared certain threats from the landscape. The hope now is that these disruptions will continue to reduce the prevalence of ransomware attacks.

Takeaway: Operation Endgame is no doubt a solid punch. Law enforcement knocked over some big infrastructure, took out key initial access malware like Qakbot, Trickbot, and DanaBot, and threw arrest warrants at some very bad people. That’s real work.  

But let’s be honest, we’re swinging at shadows here. You can’t fight what you can’t even measure, and we still have no clue how big this threat actually is. The FBI previously estimated that only about 20% of attacks are even reported to law enforcement. We still have a giant blind spot when it comes to the depth and breadth of the ransomware economy.

Ransomware is like a hydra, so while everyone’s high-fiving over a few hundred servers taken offline, thousands more are spinning up in some bulletproof host halfway across the world.

We don’t have consistent metrics, reliable baselines, or a unified way to quantify the threat. It’s like trying to judge the size of an iceberg when all you can see is the tip poking above the water.

And does this really amount to effective deterrence? These law enforcement hits are necessary, but they’re nowhere near sufficient to dissuade attackers when there is so much financial incentive.  

The economics of ransomware are still completely lopsided. The technical barrier to entry is low, the risk of getting caught is laughable, but the paydays are astronomical.  

That’s why we see RaaS crews running these operations like startups flush with VC funding. They’ve got talented developers, slick operations, even helpdesks to support multi-stage intrusions and advanced tooling for AD takeover, wiping backups, full-blown cloud compromise and more.  

These aren’t smash-and-grab jobs—these are methodical, well-funded operations engineered to get deep inside networks, lock things down, and demand massive payouts. And the victims? They're just trying to build cars, run clinics, keep cities functioning. They’re not staffed or equipped to fend off nation-state-grade cyber operations.  

It’s not even a contest. You’ve got ransomware crews running coordinated campaigns with red-team precision, while most defenders are stuck juggling underfunded tools and overstretched teams. This isn’t a fair fight—it’s professional hits on soft targets.

So, if you’re hoping Operation Endgame changed the game? Don’t hold your breath. The threat actors will pivot. They always do. We need a shift both in tech and in mindset. Build resilience like your business depends on it—because it does.

Halcyon.ai eliminates the business impact of ransomware. Modern enterprises rely on Halcyon to prevent ransomware attacks, eradicating cybercriminals’ ability to encrypt systems, steal data, and extort companies – talk to a Halcyon expert today to find out more, and check out our quarterly RaaS and extortion group reference guide, Power Rankings: Ransomware Malicious Quartile.