The frag ransomware group is a newly emerged threat actor that began operations in March 2025, appearing to be financially motivated based on their targeting patterns across multiple countries and sectors. Given their recent emergence and limited public documentation, the group's specific country of origin and operational structure remain unclear, though their geographic targeting suggests potential international reach or ransomware-as-a-service capabilities. With only basic operational details available from initial observations, the group's specific attack methodology, encryption techniques, and data exfiltration practices have not yet been thoroughly documented by major security research organizations. The group has claimed approximately 30 victims across the United States, United Kingdom, Singapore, Spain, and the Netherlands, primarily targeting business services, financial services, construction, and manufacturing sectors, though no major high-profile attacks or significant ransoms have been publicly reported. As of the available intelligence, frag remains an active but relatively small-scale ransomware operation with limited public research coverage from established threat intelligence sources. The group has been linked to 30 public disclosures across our corpus. First observed on a leak site on March 24, 2025; most recent post June 12, 2025. The operation is currently inactive.
Sector and geography
This disclosure adds to ransomware activity in the Financial Services sector, which has 516 disclosures indexed across all operators we track. Geographically, Bunting Capital Management Inc is reported in United States, a country with 7,392 ransomware disclosures in our corpus.
How we know this. Darkfield monitors public ransomware leak sites continuously, archiving every new disclosure and the data later released against the victim. Each entry on this page is sourced from the operator's own publication and cross-checked against complementary OSINT feeds (RansomLook, ransomware.live, RansomWatch). We do not collect or host stolen data — only the metadata, timestamps and screenshots needed to make the public disclosure searchable and accountable. Records here are corrected when the original post is edited, retracted, or merged with another disclosure.
