A recent report by blockchain analytics firm CipherTrace highlights the growing role that privacy -focused cryptocurrencies such as Monero are playing in the ransomware tide.
“Current Trends in Ransomware” investigates trends observed during 2021 but was only released this week. That’s for sure revealed there is almost a 500% increase in “double extortion” ransomware attacks from 2020 to 2021. These are cyber attacks where malicious actors steal victims ’sensitive data in addition to encryption.
The report shares similar findings from analytics company Chainalysis reported if overall crypto ransomware payments exceed $ 600 million for the period.
A new study found that last year increased demand for ransom payments in Monero (XMR), with attackers increasing the premium for payments made in Bitcoin (BTC) from 10 to 20%. At least 22 ransomware strains (from an incomplete list of more than 50) only accept XMR payments, and at least seven accept BTC and XMR, he added.
“The higher price for BTC may be seen by ransomware actors as a premium to address the higher risk of using an easily traceable cryptocurrency like BTC.”
The report cites a Russian -language ransomware gang called the Everest Group that claimed to have hacked the U.S. Government in October last year. According to CipherTrace, Everest Ransomware “is currently trying to sell data for $ 500,000 on XMR.”
Another example is the Russian group DarkSide is responsible for U.S. Colonial Pipeline Attack in May 2021. Ransom can be paid in XMR or BTC, but the cost is higher for the latter.
The REvil ransomware group also switched from demanding BTC to demanding payments on XMR only in early 2020.
related: Don’t blame crypto for ransomware
Monero is a privacy -based cryptocurrency that uses a combination of technologies such as mixers, ring sticks, and stealth addresses that obfuscate sending and receiving wallets. This is why it has become a major asset of choice for those demanding ransom.
Therefore, Monero and other cryptocurrencies are policy -focused such as Dash and Zcash delisted by several exchanges in countries such as the United Kingdom and Japan.
Blockchain Monero will be hard forked in July to improve anonymity and privacy.
