Water Barghest is a financially motivated cybercriminal group that has been active for over five years, specializing in building large botnets. The group achieves this by exploiting vulnerabilities in Internet of Things (IoT) devices, infecting them with Ngioweb malware, and rapidly monetizing the compromised devices as residential proxies on underground marketplaces. This group is distinguished by its high degree of automation in the entire compromise-to-monetization chain, often listing exploited devices for sale as proxies within ten minutes of initial compromise.

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