Ransomware attacks raise record $1 billion in cryptocurrency ransoms, Chainalysis says

Cryptocurrency ransom payments from systems crashed by ransomware-related attacks nearly doubled in 2023 and hit a record high, blockchain analytics firm Chainalysis said on Wednesday.

Criminals targeting computers at hospitals, schools, businesses and government agencies pocketed $1.1 billion in payments last year to unlock access to these locked systems, up from $567 million in 2022.

Meanwhile, losses from other crimes that began to be committed with the help of digital currency technology, such as scams and cyberattacks, declined in 2023, Chainalysis said.

“A growing number of new groups have been attracted by the potential for high profits and lower barriers to entry,” Chainalysis said.

“Chasing the big tickets” has become the dominant strategy in recent years, with a dominant share of all redemption volume made up of payouts of $1 million or more, the company added.

A hacker group called “cl0p” that subverted the MOVEit file-sharing software has earned nearly $100 million in ransom payments, the analytics firm said.

Hundreds of organisations, including government departments, the UK telecoms regulator and energy giant Shell, have reported digital security breaches involving MOVEit, which is typically used to transfer large amounts of often sensitive data.

A November report showed that the “Black Basta” electronic crime group had extorted at least $107 million worth of bitcoin, with much of the ransom payments ending up on the Russian cryptocurrency exchange Garantex.

According to United Nations (UN) reports, cryptocurrency theft via digital attacks and ransomware is also a major source of funding for North Korea.

Chainalysis’s numbers underestimate the role of cryptocurrencies in all crimes, as they only track e-currencies sent to wallet addresses identified as illicit. The investigation does not include payments for non-cryptocurrency crimes, such as digital currencies used in drug trafficking.

Source: Terra

Rose

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