Hackers associated with “Scattered Spider” tactics have expanded their targeting to the aviation and transportation industries after previously attacking insurance and retail sectors

These threat actors have employed a sector-by-sector approach, initially targeting retail companies, such as M&S and Co-op, in the United Kingdom and the United States and subsequently shifting their focus to insurance companies.

While the threat actors were not officially named as responsible for insurance sector attacks at first, recent incidents have impacted Aflac, Erie Insurance, and Philadelphia Insurance Companies.

Hackers target the aviation industry

On June 12, Canada’s second-largest airline, WestJet, suffered a cyberattack that briefly disrupted the company’s internal services and mobile app.

Soon after the breach, sources told BleepingComputer that Palo Alto Networks and Microsoft were assisting in the response to the attack.

The attack was attributed to Scattered Spider, who allegedly compromised the company’s data centers and its Microsoft Cloud environment.

BleepingComputer was informed that the threat actor gained access by performing a self-service password reset for an employee, which enabled them to register their own MFA and obtain remote access to the network through Citrix.

While other threat actors conduct identity attacks, Scattered Spider has become associated with this tactic due to their regular targeting of help desks and password and MFA infrastructure.

Today, Hawaiian Airlines also disclosed that they suffered a cyberattack but did not provide any details that could indicate who was behind the attack. However, a source told BleepingComputer that it is believed that the same threat actors are responsible.

Palo Alto Networks’ Sam Rubin, SVP of Consulting and Threat Intelligence, has now confirmed on LinkedIn that Scattered Spider has begun targeting the aviation industry.

“Unit 42 has observed Muddled Libra (also known as Scattered Spider) targeting the aviation industry,” warned Rubin.

“Organizations should be on high alert for sophisticated and targeted social engineering attacks and suspicious MFA reset requests.”

Mandiant’s Charles Carmakal also warned that the threat actors have now switched their focus to both the aviation and transportation sectors.

“ALERT: Scattered Spider has added North American airline and transportation organizations to their target list,” Carmakal posted to LinkedIn.

“Mandiant (part of Google Cloud) is aware of multiple incidents in the airline and transportation sector which resemble the operations of UNC3944 or Scattered Spider.

“We recommend that the industry immediately take steps to tighten up their help desk identity verification processes prior to adding new phone numbers to employee/contractor accounts (which can be used by the threat actor to perform self-service password resets), reset passwords, add devices to MFA solutions, or provide employee information (e.g. employee IDs) that could be used for a subsequent social engineering attacks.”

American Airlines is also currently suffering an IT outage but it is unclear if it is a security incident. BleepingComputer contacted the airline but has not received a response.

What is Scattered Spider

Scattered Spider, also known as 0ktapus, Starfraud, UNC3944, Scatter Swine, Octo Tempest, and Muddled Libra, is a classification of threat actors that are adept at using social engineering attacks, phishing, multi-factor authentication (MFA) bombing (targeted MFA fatigue), and SIM swapping to gain initial network access on large organizations.

These threat actors include young English-speaking people with diverse skill sets who frequent the same hacker forums, Telegram channels, and Discord servers. These mediums are then used to plan and execute attacks in real time.

Some are believed to be part of the “Com” – a loose-knit community of threat actors known for financial fraud, cryptocurrency theft, data breaches, and extortion attacks.

While Scattered Spider is commonly referred to as a cohesive gang, it is actually used to denote threat actors who utilize specific tactics when conducting attacks. As attacks associated with Scattered Spider tactics are also commonly used by different individuals from a loose network of threat actors, it makes it difficult to track them.

Unlike many other English-speaking threat actors, those associated with “Scattered Spider” have been known to partner with Russian-speaking ransomware gangs, such as BlackCat, RansomHub, Qilin, and DragonForce.

Other attacks linked to Scattered Spider include those on MGM, Marks & Spencer, Co-op, Twilio, Coinbase, DoorDash, Caesars, MailChimp, Riot Games, and Reddit.

Organizations defending against this type of threat actor should start with gaining complete visibility across the entire infrastructure, identity systems, and critical management services.

This includes securing self-service password reset platforms and help desks, common targets of these threat actors.

Both Google Threat Intelligence Group (GTIG) and Palo Alto Networks have released guides on hardening defenses against the known “Scattered Spider” tactics used by these threat actors.

All admins are advised to familiarize themselves with these tips and harden their identity platforms and processes.

Update 6/27/25: Added that American Airlines is currently suffering from an IT outage.

Makers of electric vertical takeoff and landing aircraft (eVTOLs) aim to revolutionize the transportation industry by allowing people to literally fly above urban traffic on short-haul routes. Archer Aviation (ACHR 8.76%) is an early mover in the air taxi space, and with its market cap at just $5.83 billion now, new investors can still get in early on what could be an exciting long-term growth opportunity.

That said, potential rewards often correlate with potential risk in the stock market. And in late May, a report from short-seller Culper Research cast doubts about the quality of Archer Aviation’s communications with investors and the public. Remember that short-sellers make money when a stock falls. 

Culper Research is short Archer Aviation

On May 20, Culper Research published a report titled “Archer Aviation (ACHR): When You Can’t Earn Airtime in the Sky, Buy it on Late Night Television” and featuring an image of Archer Aviation CEO Adam Goldstein alongside Jimmy Fallon, host of The Tonight Show Starring Jimmy Fallon. Culper Research claims the company “systematically misled” investors about its progress toward developing and testing its flagship Midnight aircraft. The report cites examples from employee emails, photos, and public statements that the short-seller believes contradict Archer Aviation’s claims about the progress of its eVTOL program.

The stock didn’t immediately drop after the report, but was down about 18% from the close of trading May 19 to the close on June 5. Archer’s management fired back in a statement, dismissing the claims as “baseless” and questioning Culper’s credibility.

Short-sellers profit when the price of a stock that they have shorted goes down, which gives them an incentive to present such a company’s situation as negatively as possible. That gives me pause about the Culper report. Furthermore, even if Archer Aviation is overselling the progress of its eVTOL program, that’s par for the course for speculative tech companies. For example, Tesla CEO Elon Musk has frequently made projections about timelines and projects (such as self-driving) that have rarely played out the way he said they would. Expectations of some exaggerations and delays are likely already priced into Archer Aviation’s stock.

Focus on the fundamentals

Instead of getting caught up in news stories and short-seller allegations, investors should focus on Archer Aviation’s financial reports. This data should give investors the best indications of how long the company can sustain its operations while it waits for factors outside its control, such as regulatory approvals. So far, the situation is complicated.

In the first quarter, its operating losses stood at $144 million, compared to $142 million in the prior-year period. This was mainly due to research and development outflows, as it spent more to bring the Midnight aircraft closer to commercialization. However, with around $1 billion in cash and equivalents on its balance sheet, Archer Aviation could sustain that rate of cash burn for about seven more quarters before it would need to seek outside sources of capital.

Artist’s rendering of futuristic eEVTOLs parked and landing on a building in a city. Image source: Getty Images.

The company is also working on expanding its manufacturing capabilities through a partnership with multinational automaker Stellantis. The companies are teaming up to build a manufacturing facility in Covington, Georgia, that will eventually be capable of producing up to 650 aircraft annually, with Stellantis contributing expertise and capital to the project. Archer Aviation expects to be able to produce two Midnight aircraft per month by the end of 2025.

What will the next three years have in store?

Like many speculative companies, Archer Aviation presents a hugely optimistic vision for its future. While the company is still awaiting final approvals from the Federal Aviation Administration (FAA) in the U.S., in international markets, it seems to be moving much faster.

Early “launch edition” customers for its eVTOLs include Ethiopian Airlines and Abu Dhabi Aviation, which plans to take delivery of Midnight aircraft later this year. Over the next three years, Archer’s revenue growth could accelerate dramatically as it secures more clients and ramps up production. But while this is exciting news for investors, it is unclear if these customers plan to merely test and experiment with eVTOLS or incorporate them into large-scale revenue-generating operations.

Furthermore, investors shouldn’t be surprised if there are delays and disappointments associated with the aircraft’s commercialization, especially considering the allegations made in Culper Research’s report. Archer Aviation remains a high-risk, high-potential-reward bet and it’s not clear where it will be in three years.

Shares of Archer Aviation (ACHR -0.66%) fell this week. The company’s stock lost 20.7% as of 1:58 p.m. ET on Friday. The loss comes as the S&P 500 (^GSPC -0.49%) fell 2.1% and the Nasdaq-100 lost 2%.

Archer Aviation, which develops electric vertical takeoff and landing (eVTOL) aircraft, was the target of a damning investigative report from short-seller Culper Research.

Allegations of fraud

The report, released early this week, alleges that Archer has systematically misled investors, making false statements about its aircraft’s abilities and development timeline in order to meet funding milestones. The report also claims that while this is happening behind the scenes, the company is spending millions promoting itself on late-night TV and buying the rights to be the official air taxi service at the upcoming LA Olympics in 2028.

In response, Archer said: “Culper is not a credible research institution. Archer has attracted significant attention due to its recent momentum and positive high-profile news. His claims are baseless.”

Image source: Getty Images.

The allegations are damning, but the short-seller has a clear motive

It’s critical to keep a level head when a report like this is released. Remember that Culper has a significant financial stake in seeing Archer’s stock decline. That is not to say I think they are false, but just to take them with a grain of salt and wait for more information.

With that being said, if the allegations are true, it would mean Archer is much further from commercialization than it claims — if it ever reaches it. That’s a problem.

Unfortunately, we just don’t have all the information at this point. Hopefully, Archer will address the core of these allegations and put them to rest. I wouldn’t sell if you hold Archer, but I might hold off on buying shares until more information comes to light.

High-value transactions in private aviation are changing, and cryptocurrency is playing a key role.

CoinPayments has partnered with Jetcraft, one of the most established names in business aviation to enable secure, compliant, and efficient crypto payments for private jet purchases. This collaboration is designed to meet the rising demand from high-net-worth individuals and corporate buyers who are looking for greater flexibility in how they pay for premium services.

As digital assets continue to gain traction across global markets, more high-net-worth buyers are seeking ways to use them for practical, real-world purchases. This partnership brings together Jetcraft’s legacy in aviation with CoinPayments’ expertise in crypto payments to create a smarter and more modern transaction experience.

A Partnership Rooted in Excellence. Secured by Trust. Built for What’s Next

Jetcraft has spent more than six decades setting the global standard in business aviation. With a long history of serving high-net-worth individuals and corporate buyers, the company is known not just for its expertise but for its consistency, precision, and trust. Jetcraft has built a reputation for guiding clients through complex, high-value aircraft transactions with clarity and confidence.
CoinPayments brings to this partnership a different but equally essential legacy. As one of the longest-operating and most trusted crypto payment processors, it has facilitated more than $50 billion in digital transactions.

Today, over 250,000 merchants rely on CoinPayments’ solutions to support crypto payments across industries ranging from e-commerce to real estate, always with an emphasis on security, compliance, and ease of use.

Together, Jetcraft and CoinPayments are aligned in vision and values. Both are committed to delivering a more seamless, secure transaction experience for clients who expect premium service and modern flexibility. As digital assets become a more common part of the global financial landscape, this partnership offers a timely and practical path forward for private jet buyers who want to move with confidence.

What Crypto Adds to the Private Jet Buying Experience

For many buyers in the private aviation space, the transaction process can be complex, time-sensitive, and dependent on traditional banking systems that don’t always keep pace with client expectations. This partnership between CoinPayments and Jetcraft offers a modern alternative that gives buyers more control, greater flexibility, and a faster path to ownership.

Speed and Simplicity

Crypto transactions settle quickly, often within minutes. With CoinPayments integrated into Jetcraft’s process, buyers can move through escrow faster and avoid common delays that come with cross-border banking or currency conversions.

Privacy from Start to Finish

For high-net-worth individuals and corporate buyers, discretion is essential. Each transaction is encrypted and secured across every stage, giving clients the confidence that their purchase details remain confidential and secure.

Choice in How You Pay

Buyers are not limited to a single cryptocurrency. CoinPayments supports more than 30 major digital assets for payments and handles conversion automatically when needed. Whether it’s Bitcoin, Ethereum, or a stablecoin, the payment experience stays seamless.

Security and Compliance Built In

All transactions are aligned with global regulatory requirements. CoinPayments follows strict anti-money laundering (AML) and know-your-customer (KYC) protocols, ensuring every payment is handled with integrity and full regulatory oversight.

Less Dependence on Traditional Banks

Crypto payments remove many of the limitations that come with wire transfers, bank approvals, and currency exchange logistics. This is especially valuable for global buyers who want to act quickly without being slowed down by legacy systems.

By offering these capabilities, Jetcraft is delivering more than just an alternative way to pay. It’s giving clients a smarter, more adaptable ownership experience, powered by CoinPayments. And the timing could not be better.

A Timely Response to a Global Shift in Buyer Behavior

High-net-worth individuals are not just investing in digital assets. They are building substantial wealth with them. According to the 2024 Henley & Partners Crypto Wealth Report, the number of crypto millionaires surged by 95% over the past year, reaching 172,300 individuals worldwide. Notably, the count of crypto centi-millionaires (those holding over $100 million in crypto assets) rose by 79% to 325 individuals.

This rapid growth underscores a broader shift in how wealth is accumulated and utilized, signaling a new era where digital assets play a central role in high-value transactions.

The partnership between CoinPayments and Jetcraft is strategically positioned to meet this evolving demand. By integrating secure and efficient cryptocurrency payment solutions into the private aviation market, they offer a modern transaction experience tailored to the needs of today’s affluent digital asset holders.

At Jetcraft, we evolve with the ever-changing needs of our global clientele, many of whom dominate the tech, AI, and entrepreneurial spaces,” said Jahid Fazal-Karim, Owner and Chairman of the Board, Jetcraft. “However, we’re often constrained by outdated processes and systems. By partnering with CoinPayments, we’re bringing forward an innovative payment solution that matches the forward-thinking mindset of our customers.

Looking ahead, both companies see this as the foundation for more innovation across the private aviation and crypto sectors. The goal is not just to modernize how aircraft are purchased today, but to help define how high-value transactions are handled tomorrow.

Contact us today to learn more about integrating CoinPayments’ crypto payment solutions and enabling fast, secure, and flexible digital payments for your business.

Aircraft brokerage firm Jetcraft will now accept Bitcoin and other crypto payments, thanks to its partnership with CoinPayments.

On 15 May 2025, Jetcraft announced entering a partnership with crypto payment gateway CoinPayments. Through this alliance, aircraft payments and private aviation services can be paid for with crypto, as confirmed by Fintech Finance news.

“By partnering with CoinPayments, we’re bringing forward an innovative payment solution that matches the forward-thinking mindset of our customers,” said Jahid Fazal-Karim, Owner and Chairman of the Board, Jetcraft. “At Jetcraft, we evolve with the ever-changing needs of our global clientele, many of whom dominate the tech, AI and entrepreneurial spaces. However, we’re often constrained by outdated processes and systems.”

Meanwhile, Alex Alexandrov, Chairman of CoinPayments said, “Our partnership with Jetcraft represents a significant milestone in cryptocurrency adoption within HNW markets.” 

“By offering cryptocurrency payments for private aviation transactions, we’re expanding digital asset utility while providing Jetcraft’s clientele with the payment flexibility and efficiency they deserve,” Alexandrov added. 

JUST IN: PRIVATE JET GIANT JETCRAFT NOW ACCEPTING #BITCOIN AND CRYPTO FOR PAYMENTS

BILLIONAIRES SPENDING BTC. BULLISH pic.twitter.com/SGfXIgT1JS

— The Bitcoin Historian (@pete_rizzo_) May 15, 2025

DISCOVER: 20+ Next Crypto to Explode in 2025 

Explore Best Crypto To Buy!

Ahead of this data release, smart investors are shifting from gold to Bitcoin.

Changpeng Zhao of Binance predicts Bitcoin could hit $500,000 this cycle. With the Federal Reserve likely to cut rates in the next meeting, confidence in Bitcoin’s prospects is growing.

Investors are flocking to the BTC Bull presale, one of the hottest presales in Q2 2025. Its appeal lies in blending meme culture with the Bitcoin performance.

BTC Bull holders will receive free BTC when BTCUSDT reaches $150,000, with more distribution once the digital gold rises by $50,000. The last airdrop is once BTC hits $1 million.

Moreover, the token is deflationary.

Once Bitcoin breaches $125,000, the project will burn a portion of its supply, with additional burns after every $25,000 spike.

Presently, over $5.7 million has been raised, but demand is surging, and token prices will rise in the next two hours. For now, each BTCBULL token is available for just $0.00251.

After buying BTCBULL using crypto or bank cards, presale investors can stake for 72% APY. Staking is an opportunity to earn passive income and earn more free BTC.

VISIT BTC BULL PRESALE

DISCOVER: 17 Next Crypto to Explode in 2025: Expert Cryptocurrency Predictions & Analysis

Aviation Payments with Crypto? Jetcraft and CoinPayments Join Forces to Make it Possible

With the S&P 500 down more than 3% year to date (as of this writing), many investors aren’t feeling so motivated to add positions to their holdings right now. This lack of interest, however, can be shortsighted. Times like these are when savvy investors who recognize the potential of quality companies are loading up on their stocks, positioning themselves for long-term gains.

Joby Aviation (JOBY 1.88%) and Southwest Airlines (LUV 0.29%) are two such aerospace names that have popped up on investors’ radars. To help them decide whether it’s a smart move to land these aerospace stocks in their portfolios, two Fool.com contributors examine the bull arguments.

Image source: Getty Images.

Joby Aviation can put a charge in your portfolio

Scott Levine (Joby Aviation): It’s not often that the opportunity to invest in a nascent industry arises, but this is exactly the case with Joby Aviation. Reimagining how people travel in urban areas, Joby is developing innovative electric vertical takeoff and landing (eVTOL) aircraft that the company will use to provide air taxi service.

Bringing a new type of aircraft to market is a heavy lift, but the company continues to make steady progress toward achieving the requisite Federal Aviation Administration (FAA) certifications. And last month, the company conducted its first piloted flight that included a transition from vertical takeoff to cruise flight and back to vertical.

Lauding its accomplishment, Joby characterized itself as “the first company to routinely perform inhabited testing of an electric air taxi from hover to wingborne flight.”

While it works toward FAA certification, Joby is making progress in other areas as well. For one, the company is expanding its factory in California to provide pilot training and better aircraft maintenance, which will serve it well when commercial operations begin.

And it is inking agreements with partners. Last quarter, management announced a partnership with Virgin Atlantic to provide air taxi service at the company’s British hubs at London Heathrow and Manchester airports.

Sure, there’s a fair degree of risk with Joby since it’s in the pre-revenue phase of its development, but investors who are not risk-averse have a great opportunity now with the stock down about 18% since the start of the year.

Southwest has a clearer path to success

Lou Whiteman (Southwest Airlines): First, full disclosure: I currently own shares of Joby, and not Southwest. But those Joby shares were bought at a lower price than where they trade today. I’m optimistic about the long-term potential for eVTOLs, but for most investors, Southwest is the better buy today.

Southwest has a long history of innovation in the airline industry, but it has fallen on hard times. A failure to invest in tech upgrades has caused reliability issues, and management’s refusal to match competitors on fees and other revenue enhancements have eaten into profitability.

The stock is down 50% from its post-pandemic high. But Southwest, with the help of activist investors’ pressure, is in the process of restructuring.

Over the next 18 months, the airline will revamp its schedule, pricing strategy, and loyalty program, which should boost profitability by $4 billion annually by 2027. It also expects the MAX 7 version of Boeing‘s 737 to be certified this year, which would add a plane custom-designed for Southwest’s route map and help boost efficiency.

As the changes take hold, look for markets to rediscover what attracted investors to the airline for decades. The company has an industry-best balance sheet and significant scale and pricing power, accounting for about 17% of the U.S. market.

While Joby and eVTOLs have great potential, there is also much greater risk. The company is racing a half-dozen competitors to bring a product to market. There is definite interest, but the extent of that interest in terms of the eventual size of the total market is unclear. Questions including pricing power and how fast these businesses will be able to ramp up remain unanswered.

With an enterprise value of more than $4 billion, investors are being asked to pay a steep price to buy into a company with no history of producing revenue, let alone profits. Southwest, by comparison, has a $15 billion enterprise value.

And if eVTOLs are the future, Southwest will not be left out. The airline has a deal with Joby rival Archer Aviation (NYSE: ACHR) to develop a taxi service connecting California airports.

For all the excitement around eVTOLs, Southwest offers a much clearer path for market-beating returns from here.

Should you take flight with one of these stocks now?

Since investors’ goals vary, it’s hard to categorically say that either Joby Aviation or Southwest Airlines is a better proposition right now. Growth investors who are comfortable with a high-risk, high-reward opportunity should certainly consider Joby, with the stock providing a less expensive entry point now compared to the start of the year.

More-conservative investors, on the other hand, would be better served to fly with Southwest Airlines stock considering the company’s rock-solid balance sheet and commitment to restructuring.