On Aug. 15, crypto compliance and research firm Chainalysis released the first part of its 2024 crypto crime report. The firm revealed that aggregate illicit activity on-chain has dropped by 19.6% year-to-date, down from $20.9 billion to $16.7 billion. It added that this demonstrates “that legitimate activity is growing more quickly than illicit activity.” Part...Read More
Prominent global agencies have flagged a newly-emerged ransomware group named Akira, estimated to be just a year old, for its widespread cyber intrusions, breaching over 250 organizations globally and raking in nearly $42 million in ransom payments. Investigations led by the United States Federal Bureau of Investigation (FBI) have revealed that Akira has been actively...Read More
The Treasury Department’s Office of Foreign Assets Control (OFAC) included numerous wallet addresses associated with two individuals from Russia in its list of specially designated nationals. Artur Sungatov and Ivan Kondratyev faced charges linked to the deployment of ransomware, with their affiliation to LockBit, a ransomware syndicate that reportedly stole more than $120 million in...Read More
Crypto inflows to known criminal addresses are down 65% in 2023 compared to the same period one year ago, according to a mid-year crime update from Chainalysis. However, one form of blockchain-based crime remains stubbornly persistent and is on the rise: Ransomware. Crypto Scammers On The Decline In a blog post from Chainalysis on Wednesday,...Read More
A slew of major U.S. grocery chains have been targeted by scammers in recent months posing fake bomb threats with demands for ransom payments. While often involving cash or gift cards, the scammers have sometimes requested that their victims pay them in Bitcoin (BTC). The Supermarket Scam As reported by the Wall Street Journal on...Read More
A Russian man has been charged by US authorities for his alleged connection to multiple ransomware schemes that netted him and other attackers nearly $200 million – much of which came through crypto. Some of the victims of those ransomware attacks included hospitals, schools, and police departments. $200 Million in Ransomware Payments The culprit –...Read More
The FBI announced the takedown of Hive, a ransomware network with members across multiple states in Europe and North America, in a recent press release. The US agency stated that they had been on the case since at least 2021. Hackers Hacked Despite the efforts of the FBI, the network was tough to crack. However,...Read More
2022 has been a turbulent year. One good thing to come out of it is that – ransomware earnings are significantly down. Attacks on the crypto industry remain rampant. However, data suggests that victims are increasingly refusing to pay ransomware attackers. Blockchain analytics company Chainalysis, in a new report, shed light on the changing dynamics...Read More
The US Department of Justice confiscated 719 bitcoins from the 35-year-old Canadian – Sebastien Vachon-Desjardins – for participating in the NetWalker ransomware attacks. At the time of the seizure, the amount of cryptocurrency equaled nearly $22 million. Prison Time for the Criminal According to a recent announcement, Vachon-Desjardins was involved in a sophisticated type of...Read More
In a new move carried out by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), multiple sanctions were handed out due to the accused’s ransomware activities. Ten Individuals and two shell companies known for extorting US businesses and infrastructure providers have been sanctioned, prohibiting all commercial activities with the designated parties...Read More
British multinational jeweler Graff Diamonds Corp. has filed a lawsuit against its insurer, The Travelers Companies, Inc. (Travelers), for failing to provide indemnity after it paid $7.5 million in Bitcoin to ransomware hackers. Graff Sues Insurer Over $7.5M BTC Ransom Loss According to a Bloomberg report on Wednesday, Graff’s security systems were exploited by the...Read More
Chainalysis has identified more than $602 million worth of ransomware payments in 2021. But the firm is confident that the figure is still an “underestimate” and that the true total for the year is likely to be much higher. 2021 Ransomeware Payouts A report from the blockchain analytics firm Chainalysis showed that at least $602...Read More
In August, the Federal Bureau of Investigation seized more than $2 million worth of digital assets linked to ransomware attacks committed by the Russian resident – Aleksandr Sikerin. The criminal is known for his connection to the notorious cyber gang REvil that has assaulted numerous US businesses in the recent past. REvil on The Spotlight...Read More
The United States Internal Revenue Service (IRS) released its annual report on criminal investigations, and cryptocurrencies played a starring role in the area of cybercrime. According to the IRS cybercrime unit’s report, more than $3.5 billion in cryptocurrencies were seized during 2021. This would make up to 93% of all seizures made in 2021. The...Read More
The United States continues to contemplate taking further action in regards to the growing crypto space. In the latest endeavor, the Justice Department has decided to create a task force to stop hackers from utilizing digital asset exchanges to conduct ransomware attacks. Ransomware on Exchanges As reported by Bloomberg, the new team’s goal is to...Read More
How did the hacker escape the police? -He Ransomware. Jokes aside, the victims of the infamous REvil/Sodinokibi ransomware now have a reason to celebrate, as they can have access to their files again. A few hours ago, the cybersecurity company Bitdefender announced that it succesfully developed a tool to decrypt files altered by the REvil/Sodinokibi...Read More
The Biden administration reportedly plans to take severe measures on the use of digital assets in ransomware attacks by starting to track such transactions. Crypto Tracing to Combat Cyber Attacks The governing body of the USA discussed how to combat the growing number of ransomware attacks during a virtual briefing with members of Congress. According...Read More
The U.S. department of the world’s largest meat producer, JBS S.A., has paid its ransomware hackers $11 million in bitcoin. This comes amid warnings worldwide regarding the growing threat of such attacks and the involvement of cryptocurrencies. JBS Pays $11M in BTC to Cybercriminals JBS USA Holdings is an American food processing company operating under...Read More
Warren exploded at a session of the Senate Banking Committee discussing a U.S. government-backed central bank digital currency on Wednesday. Comparing decentralized crypto assets to a CBDC she said that crypto is a “fourth-rate alternative to real currency,” adding that “legitimate digital public money could help drive out bogus digital private money.” The irate Senator...Read More
The United States Department of Justice said that it recovered over $2 million worth of bitcoin, which was the majority of the ransom paid by the U.S. oil pipeline giant Colonial Pipeline to cybercriminal group DarkSide. DoJ Recovers 63.7 BTC The DoJ made the announcement in a press release on Monday (June 7, 2021). According...Read More
Two senators on the Intelligence Committee suggested over the weekend that lawmakers should take increased measures to regulate and trace cryptocurrencies. The recommendations come after a second major ransomware attack within a month that has demanded payments in digital currencies. According to Forbes, Senator Roy Blunt unleashed a tirade on cryptocurrencies and the anonymity they...Read More
Elliptic (a British blockchain security & analytics company) successfully traced DarkSide’s primary Bitcoin address, which contained over $90M in payments from 47 different victims. Ransomware As a Service – a Twisted Model DarkSide designs, creates and markets ransomware software to be sold to other cybercriminals who are able to locate the best targets. This type...Read More
While exploring the potential online security threats for the upcoming 2021, the Russian-based multinational cybersecurity company Kaspersky predicted a rise in Bitcoin thefts. Kaspersky researchers also foresee an increase of ransomware threats and more demands to be requested in privacy coins such as Monero instead of BTC. 2021: Bitcoin’s Value Leads To More Bitcoin Theft?...Read More
Ransomware attacks are one of the most notorious examples of crypto-related criminal activities 2020, with targets ranging from city halls and universities to major industries such as Tesla. And this week, hackers claimed a new victim: The gaming giant Capcom. Capcom is the corporation behind major hits like Devil May Cry, Resident Evil, Megaman and...Read More
Two significant NetWalker ransomware attacks have surfaced in the past week. After Argentina’s official immigration agency suffered a hack demanding $4 million in Bitcoin, a recent report revealed that Pakistan’s largest power producer was compromised. The perpetrators demand up to $7.7 million in BTC. $7.7M In BTC Demanded From Pakistan Power Producer The cybersecurity website...Read More
Hackers pulled off a successful ransomware attack on COVID-19 researchers from the University of California in San Francisco and received 116 bitcoins. Now, recently surfaced transcripts reveal how the entire operation played out. Phase One: The Hack Although the name of the group was initially a mystery, the Bloomberg report said that the organization had...Read More
Not too many people will be surprised to learn numerous scams involving the coronavirus have come to life. One of these scams focusing on Bitcoin, and claims to “infect entire families”. There is always someone interested in using a global pandemic to their advantage. Bitcoin Ransomware and the Coronavirus In this particular case, the criminal...Read More
The US Coast Guard has issued a security warning following a ransomware attack on a federally regulated maritime facility. The intrusion at the unnamed facility, caused a 30+ hour shutdown of primary operations while a response was conducted. Coast Guard Caught Phishing The Ryuk ransomware is believed to have gained access to the facility’s IT...Read More
Cybercrime is growing at an exponential rate, and showing zero signs of slowing down or stopping in the near future. As technology advances, so do the tactics used by these criminals, especially surrounding crypto.The post appeared first on NewsBTCRead More
New findings by research firm Kaspersky paint a worrisome outlook. Dozens of municipal institutions have dealt with ransomware attacks throughout 2019. The rise of malware and ransomware attacks has been well documented in recent years. The Ransomware Industry Keeps Growing One would expect institutions and corporations to smarten up after so many years. That is...Read More
