Cyber Threat Intelligence
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Ransomware Victim Financial Services

Bunting Capital Management Inc

Ransomware attack by Frag · Disclosed March 24, 2025 · 🇺🇸 United States

Date Disclosed
Mar 24, 2025
2025
Threat Group
Frag
30 total victims
Country
🇺🇸 United States
Industry
Financial Services

ThreatAI Analysis

Compiled from this incident record and the threat intelligence profile for Frag. Figures and technique mappings are quoted from the source data, not inferred.

About the Frag group

Frag is a ransomware group that emerged in late 2024, exploiting a critical Veeam Backup & Replication vulnerability (CVE-2024-40711) to compromise targets in industrial sectors, with blockchain analysis linking it to a shared wallet cluster with the Akira group. Frag has listed 30 victims since September 2024.

Incident Analysis

Bunting Capital Management Inc was targeted by Frag ransomware, one of the most active ransomware groups in our database with 30 confirmed victims globally. The attack was disclosed on March 24, 2025, when Bunting Capital Management Inc appeared on the group's dark web leak site.

Bunting Capital Management Inc is based in United States , operating in the Financial Services sector. United States ranks #1 globally for ransomware attacks, with 9,477 victims in our database.

Sector context: Financial sector organisations are targeted for their access to funds, sensitive financial data, and the reputational damage a public breach can cause. Regulatory requirements also increase recovery costs.

Frag typically employs a double extortion model: first exfiltrating sensitive data from the victim's systems, then deploying ransomware to encrypt files. Victims face two simultaneous threats — paying to restore access and paying to prevent publication of stolen data. The group's leak site publishes victim names and exfiltrated data as leverage.

Data source: This incident record is sourced from public ransomware group leak site disclosures aggregated via the ransomware.live API. Disclosure date reflects when the victim was published on the leak site, which may differ from the initial date of compromise. This platform does not publish or link to stolen data. Last data update: Sep 13, 2026 16:00 UTC.

Frequently Asked Questions

Was Bunting Capital Management Inc attacked by ransomware?

Yes. Bunting Capital Management Inc was listed as a victim of the Frag ransomware group on March 24, 2025. The organisation is based in United States and operates in the Financial Services sector. The disclosure appeared on the group's dark web leak site.

Which ransomware group attacked Bunting Capital Management Inc?

Bunting Capital Management Inc was attacked by Frag ransomware. Frag is one of the most active ransomware groups, having claimed 30 victims globally. The group typically employs a double-extortion model: encrypting the victim's files and threatening to publish stolen data.

When did the Bunting Capital Management Inc ransomware attack occur?

The ransomware attack on Bunting Capital Management Inc was disclosed on March 24, 2025. This date reflects when the victim was published on the threat group's leak site, which may differ from the actual date of initial compromise.

What data was stolen in the Bunting Capital Management Inc ransomware attack?

The specific data stolen from Bunting Capital Management Inc has not been independently verified by this platform. Ransomware groups typically exfiltrate data before encrypting systems and use the threat of publication to pressure victims. As a Financial Services organisation, Bunting Capital Management Inc likely held financial records, client data, and transaction histories.

How can organisations protect against Frag attacks?

To defend against Frag and similar threat actors, organisations should: maintain regular offline backups tested for restoration; implement network segmentation to limit lateral movement; deploy multi-factor authentication on all remote access; use endpoint detection and response (EDR) tools; conduct regular phishing and security awareness training; and monitor threat intelligence feeds for indicators of compromise (IOCs) associated with active groups.