International law enforcement agencies have dismantled the LockBit ransomware gang in an operation named 'Operation Cronos'.

Two Russian individuals have been indicted in the US and have had their assets frozen for executing LockBit ransomware attacks.

Law enforcement seized servers and took control of LockBit's dark web portal during the takedown.

LockBit operated a 'ransomware-as-a-service' model, extorting over $120 million from more than 2,000 victims.

Authorities have secured decryption keys which will aid victims in restoring their compromised data.

Despite the operation's success in striking a blow to LockBit, law enforcement is actively pursuing the rest of the group's members.