While North Korea leads the world in crypto crime, crypto analytic firms have estimated that DPRK hackers have found it increasingly difficult to launder stolen crypto funds.
Chainalysis launches reporting service for businesses targeted in crypto-related cyberattacks
The firm said it was starting a ‘Crypto Incident Response’ hotline to “help bring bad actors to justice and demonstrate that crypto is not the asset class of anonymity and crime.”
Chainalysis exec touts blockchain analysis to Senate homeland security committee
Three experts from the private sector appeared before the Senate committee Tuesday to talk about ransomware attacks and how to combat them.
Blockchain and crypto can be a boon for tracking financial crimes
The notion of crypto being a tool for money laundering is often propagated by naysayers that include policymakers with a stake in the traditional financial system.
AUSTRAC releases 2 new guides to help spot illicit crypto use
AUSTRAC also urged financial institutions from debanking clients who may be engaged in suspicious account activity, as a mistake could be costly to “Australia’s economy.”
Monero crypto of choice as ransomware ‘double extortion’ attacks increase 500%
A surge in ransomware in 2021 has also resulted in a surge in Monero usage as the method of payment as more criminal groups want only XMR.
Agent Smith says Secret Service seized $102M in crypto in 254 cases since 2015
The U.S. Secret Service says the immutable and transparent aspect of the blockchain ledger allows the agency to track transactions made by criminals easier than cash in some cases.
Skewed data: How could a new US law boost blockchain analysis?
Infrastructure firms will now have to report within 24 hours if they make a ransomware payment. “This surely will be a game changer.”
Ransomware crypto payments hit at least $602M last year: Chainalysis
The total amount of value extracted through ransomware payments in 2021 is expected to rise above 2020 levels once all the data is sorted through.
US officials seize $6.1M in crypto from ransomware actors, adds Chatex to sanctions list
“This will not be the last time — the U.S. government will continue to aggressively pursue the entire ransomware ecosystem and increase our nation’s resilience to cyber threats,” said Attorney General Merrick Garland.
Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
Ransomware attacks in the U.S. have been on a rise since late 2020, but it is particularly booming in 2021. This year, hackers have hit numerous U.S. companies in large-scale hacks. One such attack on pipeline operator Colonial Pipeline led to temporary fuel supply shortages on the U.S. East Coast. Hackers also targeted an Iowa-based agricultural company, sparking fears of disruptions to grain harvesting in the Midwest. Schools, insurance companies, and police departments have also suffered from these attacks.
Related Reading | Questions Linger As FBI Recovers Colonial Pipeline Ransomware Crypto Funds
In response to this, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), charged with safeguarding the financial system from illicit use, released a Financial Trend Analysis. FinCEN published the report on Friday, October 15, 2021.
The report analyzed the considerable growth in ransomware payments in the first six months of 2021 and the relative difference from last year.
Ransomware Attacks In The U.S.
U.S. Treasury Secretary Janet L. Yellen recently noted, “Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy.” According to the report, FinCEN analysis of Suspicious Activity Reports (SARs) filed during the first half of 2021 indicates that it is an increasing threat to the U.S.
Between January 1 and June 30, 2021, 635 SARs were filed, and 458 transactions were reported. This was 30% more than the total of 487 SARs filed for the entire 2020. The total value of suspected ransomware payments during the first half of 2021 was $590 million, more than the $416 million reported for the whole of 2020.
Source: FinCEN Financial Trend Analysis
The U.S. Treasury Department said the average amount of reported ransomware transactions per month in 2021 was $102.3 million. FinCEN identified bitcoin (BTC) as the most common payment method in reported transactions. Approximately $5.2 billion in outgoing BTC payments tied to the top 10 variants over the past three years. It noted that USD figures cited in this analysis are based on the value of BTC when the transactions occurred.
BTC trading at over $60.7K | Source: BTCUSD on TradingView.com
If the trends keep up, hackers could make more from ransomware this year than they did in the previous ten years combined.
The U.S. Government’s Response
The U.S. government has been working to clamp down on attacks from hackers. The Biden administration has made the government’s cybersecurity response a top priority following a series of attacks this year that threatened the U.S. energy and food supplies.
Earlier this month, the Justice Department announced the launch of a National Cryptocurrency Enforcement Team to go after the exchanges that expedite crime-related transactions, like ransomware demands.
Related Reading | U.S. Recovers Millions Paid In Bitcoin For Pipeline Ransomware
In September, Wall Street Journal reported that the Biden administration was “preparing an array of actions, including sanctions, to make it harder for hackers to use digital currency.”
Also last month, the Department of the Treasury’s Office of Foreign Assets Control sanctioned crypto exchange SUEX OTC, S.R.O. (SUEX) for facilitating financial transactions for ransomware actors. This action was the department’s first such move against a virtual currency exchange over ransomware activity.
Coinciding with the release of the report, the Treasury Department released virtual currency guidance. The guidance said, “the virtual currency industry, including technology companies, exchangers, administrators, miners, wallet providers, and users, plays an increasingly critical role in preventing sanctioned persons from exploiting virtual currencies to evade sanctions and undermine U.S. foreign policy and national security interests.”
Featured image by Bitcoin News, Chart from TradingView.com
New Australian ransomware plan allows for seizure of crypto
Australian authorities will be able to seize or freeze cryptocurrencies linked to cybercrime under new legislation.
Chainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks
“Following the flow of ransomware payments on the blockchain is instrumental for law enforcement to understand and dismantle ransomware operations,” said Chainalysis CEO Michael Gronager.
US Senator Warren introduces bill to study crypto’s role in ransomware
The Ransom Disclosure Act aims to help the Department of Homeland Security gather critical data on ransom payments in cryptocurrency and fiat.
US Treasury Dept sanctions crypto OTC broker Suex for alleged role in facilitating transactions for ransomware attacks
The government agency hinted at possible additional sanctions for “financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response” that facilitated ransomware payments.
Democrat Senator lobbies agencies over the use of crypto in ransomware
Senator Hassan wants federal agencies to take more action while Senator Lummis is more concerned with stifling innovation.
Eastern European victims sent $815M to Ponzis and scams in the past year
Scams make up the largest share of funds sent from Eastern Europe to illicit addresses.
US State Department offers up to $10 million in crypto rewards to white hat hackers
The United States is offering crypto assets to incentivize white-hat hackers to uncover state-sponsored actors and potential terrorists on the dark web.
Kaseya recovers data stolen in ransomware attack with mysterious decryption tool
The IT firm denies that it paid a ransom to the Russian hacker group in exchange for the decryption tool.
DoJ’s crypto czar joins FinCEN in brand-new role: Why it matters
Michele Korver’s appointment to the U.S. Financial Crimes Enforcement Network promises to reduce illicit financial practices within the crypto space.