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LockBit did not establish that it hacked the U.S. Federal Reserve. On June 23, 2024, the ransomware group claimed on its leak site that it had stolen 33 TB of sensitive banking data from the Federal Reserve. But the data later released was identified as belonging to Evolve Bank & Trust, a separate Arkansas bank. The Evolve breach was real and later reported to affect approximately 7.6 million people; the Federal Reserve attribution and the 33 TB figure were not independently verified.
What happened?
LockBit listed the U.S. Federal Reserve as a victim on June 23, 2024. The group claimed it held 33 terabytes of “banking information,” including Americans’ financial data, and threatened to publish the material unless its ransom demand was met.
At the time, LockBit did not provide independently verified evidence that Federal Reserve systems had been compromised. When files were subsequently released, investigators and reporting linked them to Evolve Bank & Trust rather than to the Federal Reserve. Evolve confirmed that criminals had accessed and downloaded data from its systems and later said LockBit had mistakenly attributed the stolen material to the Federal Reserve.
That makes the headline claim materially misleading: there was a serious bank data breach, but the available evidence does not establish a Federal Reserve breach.
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Was the Federal Reserve hacked?
There is no reliable evidence in the cited reporting that the Federal Reserve itself was hacked. The released material was associated with Evolve, and Evolve’s own incident FAQ describes unauthorized access to its databases and a file share.
The Federal Reserve and Evolve are separate institutions. Evolve is a commercial bank that provides banking services and works with fintech companies. The Federal Reserve is the U.S. central banking system, including the Federal Reserve Board and regional Federal Reserve Banks. A regulatory relationship does not mean that Evolve’s computer systems are part of the Federal Reserve’s systems.
Confusion was made more likely because the Federal Reserve had issued an enforcement action against Evolve on June 14, 2024, shortly before LockBit’s claim. The action cited deficiencies in Evolve’s anti-money-laundering, risk-management and consumer-compliance programs. It was not evidence that the Federal Reserve had been breached. Read the Federal Reserve’s enforcement-action record.
What did LockBit claim?
- Date: June 23, 2024.
- Named victim: The U.S. Federal Reserve.
- Alleged volume: 33 TB.
- Alleged contents: Sensitive banking information and Americans’ banking secrets.
- Threat: Publication of the data unless the ransom demand was addressed.
Every part of the alleged volume and Federal Reserve attribution must be treated carefully. “33 TB” came from LockBit’s leak-site post. The evidence does not establish that 33 TB was actually exfiltrated, that all of it belonged to Evolve, or that all of it was published.
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What happened to Evolve Bank?
According to Evolve, an employee clicked a malicious link, allowing attackers to gain access to the bank’s environment. The attackers accessed and downloaded customer information from databases and a file share. Evolve also said that some data was encrypted.
Evolve refused to pay the ransom. The stolen data was later leaked, according to the bank’s incident account. The false Federal Reserve label did not erase the underlying breach: unauthorized access and data theft involving Evolve did occur.
The initial compromise was reported as occurring on February 9, 2024, and Evolve discovered the incident on May 29, 2024. Later breach reporting put the affected population at approximately 7.6 million people. That figure describes the reported Evolve incident—not a Federal Reserve breach and not proof that 7.6 million people had Federal Reserve data exposed.
What information was exposed?
Evolve said attackers obtained customer information from its databases and file share. Its incident communications also said there was no evidence that criminals accessed customer funds. Industry reporting summarized Evolve’s statements that retail banking customers’ debit cards and online-banking credentials were not impacted.
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Those statements should not be broadened into a guarantee for every person or fintech customer connected to Evolve. People who used services provided through Evolve’s fintech partners may have been affected differently. Reporting identified possible impact involving companies including Affirm, Wise and Bilt, but customers should rely on a direct notice from the relevant company or from Evolve rather than assume they were or were not affected.
Evolve offered affected end users credit monitoring and identity-theft protection. Use only enrollment instructions received through official communications or published by Evolve’s official incident page.
Fact-checking the 33 TB figure
| Claim | What the evidence supports |
|---|---|
| LockBit hacked the Federal Reserve | Not established. The released material was linked to Evolve Bank & Trust. |
| LockBit stole 33 TB from Federal Reserve systems | This was LockBit’s unverified claim, not an independently confirmed measurement. |
| All 33 TB was customer data | Not established. |
| All 33 TB was published | Not established. |
| A major bank data breach occurred | Yes. Evolve confirmed unauthorized access and data acquisition. |
| Approximately 7.6 million people were affected | Reported scope of the Evolve breach, not evidence of a Federal Reserve breach. |
A ransomware group’s leak-site claims are self-interested. A large number can increase pressure on a victim, but it does not prove the identity of the victim, the amount of data taken or the completeness of a publication. Files can also be misidentified, recycled or mixed with publicly available documents.
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The precise motive has not been conclusively established. One plausible explanation is brand inflation: naming a central-bank institution makes a claim more sensational and potentially more valuable as a pressure tactic. Another is confusion or deliberate misattribution involving Evolve’s recent regulatory relationship with the Federal Reserve.
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The timing also mattered. LockBit’s Federal Reserve claim came only months after an international law-enforcement operation disrupted the group’s infrastructure. The group may have had an incentive to demonstrate that it remained active, but that is an inference—not a confirmed explanation of its intent.
The U.S. Department of Justice said the February 2024 operation targeted a LockBit ransomware-as-a-service ecosystem that had affected more than 2,000 victims and received more than $120 million in ransom payments. The disruption did not make every later LockBit claim reliable, nor did it prove that the group had ended its activity. See the DOJ’s announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did the Federal Reserve or Evolve pay the ransom?
The available Evolve account says no: Evolve refused to pay, and the attackers subsequently leaked data. There is no basis in the cited evidence to say that the Federal Reserve negotiated with or paid LockBit. The ransom demand was part of LockBit’s incorrect claim about the victim.
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- Check for a direct notification. Look for an official letter or email from Evolve or the fintech service you used. Do not rely on social-media claims to determine whether your information was involved.
- Use official monitoring instructions. If you receive an offer of credit monitoring or identity-theft protection, verify that the enrollment address comes from Evolve or the relevant provider. Avoid links in unexpected messages.
- Change reused passwords. Update passwords shared across financial, email and shopping accounts. Use unique passwords and enable multifactor authentication wherever available.
- Monitor financial accounts. Review bank, card and payment-app activity for unfamiliar transactions. The existence of exposed personal information does not by itself mean customer funds were stolen.
- Review your credit reports. Watch for unfamiliar accounts, inquiries or address changes. Report suspicious activity promptly through the appropriate financial institution or credit bureau.
- Expect follow-up phishing. Be cautious of messages asking for cryptocurrency, “breach settlement” payments, identity-verification codes or remote access. Criminals may use the incident’s publicity to impersonate Evolve, a fintech company or a monitoring provider.
The broader ransomware lesson
LockBit used the familiar double-extortion model: attackers steal data, may encrypt systems, and threaten to publish the stolen material if the victim does not pay. In that model, the leak site is an attacker-controlled source—not an independent incident report.
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When evaluating a ransomware story, separate six questions:
- Who did the attackers claim to have compromised?
- Who was confirmed to be the actual victim?
- Was unauthorized access confirmed?
- Was the volume of data independently measured?
- Was the data actually published, and was the publication complete?
- Which people or records were confirmed to be affected?
In this case, the answers differ. LockBit claimed the Federal Reserve; the evidence pointed to Evolve. Unauthorized access and data theft were confirmed by Evolve. The 33 TB amount was not independently verified. Data was leaked after Evolve refused to pay. The later reported impact was approximately 7.6 million people connected to the Evolve incident.
For general ransomware guidance, see the CISA StopRansomware resource hub and the joint CISA, FBI and MS-ISAC LockBit advisory.
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