The inner workings of a cybercriminal group known as the Wizard Spider have been exposed, shedding light on its organizational structure and motivations.

"Most of Wizard Spider's efforts go into hacking European and U.S. businesses, with a special cracking tool used by some of their attackers to breach high-value targets," Swiss cybersecurity company PRODAFT said in a new report shared with The Hacker News. "Some of the money they get is put back into the project to develop new tools and talent."

Wizard Spider, also known as Gold Blackburn, is believed to operate out of Russia and refers to a financially motivated threat actor that's been linked to the TrickBot botnet, a modular malware that was officially discontinued earlier this year in favor of improved malware such as BazarBackdoor.

That's not all. The TrickBot operators have also extensively cooperated with Conti, another Russia-linked cybercrime group notorious for offering ransomware-as-a-service packages to its affiliates.

Gold Ulrick (aka Grim Spider), as the group responsible for the distribution of the Conti (previously Ryuk) ransomware is called, has historically leveraged initial access provided by TrickBot to deploy the ransomware against targeted networks.

"Gold Ulrick is comprised of some or all of the same operators as Gold Blackburn, the threat group responsible for the distribution of malware such as TrickBot, BazarLoader and Beur Loader," cybersecurity firm Secureworks notes in a profile of the cybercriminal syndicate.

Stating that the group is "capable of monetizing multiple aspects of its operations," PRODAFT emphasized the adversary's ability to expand its criminal enterprise, which it said is made possible by the gang's "extraordinary profitability."

Typical attack chains involving the group commence with spam campaigns that distribute malware such as Qakbot (aka QBot) and SystemBC, using them as launchpads to drop additional tools, including Cobalt Strike for lateral movement, before executing the locker software.

In addition to leveraging a wealth of utilities for credential theft and reconnaissance, Wizard Spider is known to use an exploitation toolkit that makes use of recently disclosed vulnerabilities such as Log4Shell to gain an initial foothold into victim networks.

Also, put to users a cracking station that hosts cracked hashes associated with domain credentials, Kerberos tickets, and KeePass files, among others.

What's more, the group has invested in a custom VoIP setup wherein hired telephone operators cold-call non-responsive victims in a bid to put additional pressure and compel them into paying up after a ransomware attack.

This is not the first time the group has resorted to such a tactic. Last year, Microsoft detailed a BazarLoader campaign dubbed BazaCall that employed phony call centers to lure unsuspecting victims into installing ransomware on their systems.

"The group has huge numbers of compromised devices at its command and employs a highly distributed professional workflow to maintain security and a high operational tempo," the researchers said.

"It is responsible for an enormous quantity of spam on hundreds of millions of millions of devices, as well as concentrated data breaches and ransomware attacks on high-value targets."