Researchers from TrendAI have been tracking the infrastructure, as well as the campaigns and operator behaviors that can be linked to Tycoon 2FA to build a clearer picture of how its services was being used at scale.
By November 2025, TrendAI had collected enough data to link the operation to an actor using the monikers “SaaadFridi” and “Mr_Xaad”, likely the developer/operator of Tycoon 2FA. Historical activity showed this actor previously focused on web defacements before moving into building and running this phishing toolkit. Intelligence gathered by TrendAI also included details on tooling, infrastructure, and activity patterns, which was shared with Europol to support law enforcement action.
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Source: Trend Micro
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