Home Crime Crypto ransomware has grown and so has its role in geopolitical conflicts: Chainalysis

Crypto ransomware has grown and so has its role in geopolitical conflicts: Chainalysis

by BitcoinZProInfofileog10
  • The blockchain forensics firm says 2021 numbers could surpass those recorded in 2020 as it continues to identify more events.
  • The report also revealed that Russia-based Conti led the ransomware attacks last year.

Recently released Chainalysis report According to the 2021 Crypto Crime Study, ransomware payouts will reach $602 million in 2021, lower than in the 2020s. The average payout per ransomware event was $118,000, up from $88,000 in 2020 and $25,000 last year.

However, Chainalysis points out that the 2020 figure (currently estimated at $692 million) was $350 million when the last report was published. However, other hacking events have since been identified, so the numbers have been adjusted.

Therefore, the report argued that 2021 numbers could surpass 2020 numbers as more ransomware addresses are discovered.

Adding to the anecdotal evidence, the fact that ransomware revenues in the first half of 2021 surpassed those in the first half of 2020 will ultimately reveal that 2021 was an even bigger year for ransomware. suggests that ” the report said.

Led by Conti, who participated indirectly

Details in the report reveal that Russian hacking group Conti is the biggest beneficiary of these hacks. Conti’s attackers extorted more than $180 million from his targets using ransomware-as-a-service (RaaS) strategies.

The report observed that the number of active ransomware strains increased year-on-year from 119 in 2020 to 140 in 2021. This number stands at 79 in 2019, evidence of a significant increase in ransomware over the past two years.

He also pointed out that Conti was the only strain that actually remained active throughout the year, unlike other strains that appear regularly.

“Conti has been one stock that has remained consistently active throughout 2021, and indeed increased its share of total ransomware revenue throughout the year. I am I read the report.

Chainalysis further noted that a general trend that emerged last year was for some strains to be publicly shut down and relaunched under different names. However, the new entity will be exposed to authorities as the money’s blockchain footprint matches the previous organization.

Another Russian group to top the charts is Darkseid. Darkseid infamously held the US colonial pipeline hostage for several days and was forced to pay $5 million. Gangs earned up to $75 million through similar hacks throughout the year.

Analytical firms have concluded that ransomware has become a tool in geopolitical disputes, with Iran touted as the perpetrator most likely linked to ransomware stocks.

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