Crypto Hacks: Cash Money Ransomware Rewarding for Cybercriminals

Crypto Hacks: Cash Money Ransomware Rewarding for Cybercriminals


The Ransom of Success – The cryptocurrency ecosystem is plagued by many attacks. Thus, the protocols of the decentralized finance They are frequently reported by hackers. In addition, another category of hacking uses cryptocurrencies as part of the ransom payment. Fortunately, ransomware attacks are on the decline.

40% less ransomware

Their Ransomware I’m a type of malware that infects a victim’s computer. The one you got infected, all files will be encrypted by the faulty software. The objective is to demand a ransom from the victim in exchange for the data encryption key. Most of the time, these attacks target businesses, which has the effect of paralyzing them until the ransom is paid.

the company on-chain analysis specialized in blockchain analysis to publish a report on them crypto crimes in the year 2022. Thus, this report tells us that Ransomware ransoms decreased by 40%.

Indeed, 457 million dollars were extorted in 2022, against 766 million dollars in 2021. Moreover, 2022 seems to break a trend established since 2021.

Evolution of the amounts extorted by ransomware.

However, these results do not imply a reduction in the number of attacks.

“Instead, we believe most of the decline is due to victim organizations’ growing refusal to pay ransomware attackers. »

As we have just seen, the drop in the amount extorted did not decrease because of a reduction in the number of attacks. In reality, The name of operational ransomware will explode in 2022 with more than 10,000 active ransomware in the first quarter of 2022.

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Money laundering: where do the funds go?

In the rest of its study, Chainalysis analyzed the monetary flows linked to ransoms, in particular during their laundering.

According to Chainalysis, nearly half of ransom funds end up being deposited on centralized exchange platforms. In practice, ransoms sent to CEXs increased from 39.3% to 48.3%.

At the same time, the use of mixing protocols, which Tornado Cash has also increased, goes from 11.6% to 15%.

Crypto Hacks: Cash Money Ransomware Rewarding for Cybercriminals
Destination of funds extorted by ransomware.

Ransomware: an outdated practice?

Despite an increase in the number of attacks, the drop in ransom payments could suggest that ransomware is on the decline.

Yet ransomware remains a serious threat to businesses, as Resilience CCO Michael Phillips explains:

“Cyber ​​insurance industry claims data has shown that ransomware remains a growing threat to businesses. Notwithstanding, there have already been signs that significant disruptions against ransomware actor groups have resulted in extortion attempts that have been less successful than expected. »

Most of the time, the victims are infected via social engineering methods. For example through phishing attacks. To combat this, companies should implement ongoing cybersecurity drills and training.

It’s nice that ransomware hasn’t returned to low activity in 2022, but DeFi hacks haven’t. In fact, billions of dollars stolen, 2022 pheasant the bloodiest year yet.

To keep your cryptos safe from hacks, Nothing beats a Ledger wallet. The Nano S and Nano X provide security and ease of use. In fact, they are compatible with the vast majority of cryptos and resources. They are an absolutely essential alternative to all exchanges that offer to hold your assets for you. remember, “Not your keys, not your coins” (sponsored link)!




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