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Crypto ransom attack payments hit record $1 billion in 2023 – Chainalysis

2024.02.07 09:30


© Reuters. Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

By Medha Singh

(Reuters) -Payments from crypto-associated ransom assaults practically doubled to a record $1 billion in 2023, blockchain analytics agency Chainalysis mentioned on Wednesday.

Scammers concentrating on establishments corresponding to hospitals, colleges and authorities places of work for ransom pocketed $1.1 billion final yr, in contrast with $567 million in 2022.

However, losses stemming from different crypto-associated crimes corresponding to scamming and hacking fell in 2023, Chainalysis mentioned.

, the most important cryptocurrency, has jumped 60% for the reason that finish of September to $43,134 on enthusiasm a couple of new U.S. bitcoin ETF and on indicators central banks around the globe will start trimming rates of interest.

“An increasing number of new players were attracted by the potential for high profits and lower barriers to entry,” Chainalysis mentioned.

“Big game hunting” has turn into the dominant technique over the previous couple of years, with a dominant share of all ransom income quantity made up of payments of $1 million or extra, Chainalysis added.

A bunch of digital extortionists named “cl0p”, which subverted a file sharing software program MOVEit, made practically $100 million in ransom payments, the analytics firm mentioned.

Hundred of organizations, together with authorities departments, UK’s telecom regulator and vitality big Shell (LON:), have reported cybersecurity breaches involving the MOVEit software program device, which is often used to switch giant quantities of usually delicate information, together with pension data and social safety numbers.

A report in November confirmed that cybercrime group “Black Basta” had extorted at the very least $107 million in bitcoin, with a lot of the laundered ransom payments making their technique to the sanctioned Russian cryptocurrency alternate Garantex.

Cryptocurrency theft by way of cyberheists and ransomware assaults can also be a major supply of funding for North Korea, in line with UN reviews.

Chainalysis’ figures undervalue crypto’s function in all crime because it solely tracks cryptocurrency despatched to pockets addresses recognized as illicit. It doesn’t embody payments for non-crypto-associated crime corresponding to crypto used in drug trafficking offers.

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