Almost three-quarters of revenue from ransomware attacks last year, or $400 million, went to addresses that are “highly likely” to be affiliated with Russia, according to a report from crypto analytics firm Chainalysis.
- Ransomware attacks have grown in the past year, according to a joint report of U.S., U.K. and Australian cybersecurity authorities. North American addresses are the biggest targets, according to another Chainalysis report. The U.S. government is pushing for measures to combat this type of attack, in which hackers hold a firm’s data hostage.
- In 2019-2021, between 29% and 48% of all crypto going to addresses belonging to businesses in Moscow City, the Russian capital’s financial center, came from “illicit and risky” addresses, said the research report.
- These firms are linked to money laundering of the illegally obtained funds, Chainalysis said.
- Some instances of firms receiving low proportions of illicitly obtained crypto can be attributed to their lack of awareness, rather than criminal activity, the report said.
- Of all the crypto going to Moscow City, funds coming from scams at $313 million and darknet markets at $296 million made up the majority of illicit crypto in that time period. Ransomware came third at $38 million.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.