Acronis Threat Research Unit (TRU) analyzed the DragonForce ransomware cartel, which emerged in 2023 as a Ransomware-as-a-Service (RaaS) operation and transitioned to a cartel model. DragonForce utilizes leaked Conti v3 code and has similarities with LockBit Green in encryption and backend configurations. By early 2025, it rebranded as the “DragonForce Ransomware Cartel,” offering affiliates 80 percent profit shares and infrastructure support. The cartel has over 200 victims from various sectors since late 2023 and is known for its attack on Marks & Spencer, collaborating with Scattered Spider. DragonForce employs bring-your-own-vulnerable-driver (BYOVD) techniques to evade endpoint protection and has improved its encryption methods. The group has spawned offshoots like Devman and Mamona, which utilize its enhanced encryptor.