Report: Crypto ransomware payments in 2021 was over $600 million

Cybercriminals are receiving a precocious percent of their payments successful Bitcoin and Monero, according to a Chainalysis report. 

The Crypto Crime Report examines the prevalence of amerciable activities successful the crypto abstraction past year. A preview of the study shows that ransomware payouts done crypto were $602 cardinal successful 2021.

Although this fig is presently little than the $691 cardinal successful 2020, Chainalysis believes this estimation volition emergence upon revision and considers it an underestimation. It noted that the archetypal estimation successful 2020 accrued by astir 50% upon revision.

Ransomware attacks grew successful 2021

Ransomware has emerged arsenic a important occupation for businesses and corporations successful an progressively integer age. 

Hackers usage malicious bundle to power confidential and captious files, and these cyber criminals petition thousands oregon adjacent millions of dollars to relinquish control. Unfortunately, the anonymity of crypto has turned it into a preferred outgo enactment for these atrocious actors.

With respective strains oregon types of ransomware successful existence, Chainalysis identifies Conti arsenic the astir salient benignant past year. According to the company, operators of the Russian ransomware collected much than $180 cardinal from victims. 

DarkSide is different large strain included. The strain was liable for the Colonial Pipeline attack, which led to a substance shortage successful immoderate parts of the US.

Overall, Chainalysis identified 140 progressive strains successful 2021. This is acold supra 79 successful 2019 and 119 successful 2020, showing that ransomware attacks are becoming much popular. Only Conti was progressive for the full year.

Bitcoin remains the preferred outgo option

Notably, Bitcoin appears to beryllium the currency of prime for these criminals. However, the easiness of tracking Bitcoin has made galore moves to privateness coins specified arsenic Monero.

For example, much than fractional of the ransom collected by the Colonial Pipeline hackers was subsequently seized by the US Department of Justice.

The prevalence of ransomware has besides led to calls from authorities for planetary practice to antagonistic this crime. 

Recently, the Federal Security Service (FSB), the home quality portion for Russia, arrested respective members of the REvil ransomware radical based successful the country. This radical was liable for respective ransomware attacks successful 2021. 

Other countries specified arsenic Kuwait, Romania, and South Korea person besides arrested respective members of the aforesaid group. 

But the efforts of these countries aren’t alone, considering that these criminals person a haven successful different countries.

North Korea-backed hackers stole implicit $400 cardinal worthy of integer assets past year. So until there’s a agreed front, it mightiness beryllium hard to basal retired these criminals completely.