A brand new report by blockchain analytics agency CipherTrace highlights the rising position that privacy-focused cryptocurrencies reminiscent of Monero are enjoying within the rising tide of ransomware.
“Present Developments in Ransomware” delves into developments noticed throughout 2021 however was solely launched this week. The agency revealed there was nearly a 500% enhance in “double extortion” ransomware assaults from 2020 to 2021. These are cyber assaults during which malicious actors steal a sufferer’s delicate information along with encrypting it.
The report echoes related findings from analytics agency Chainalysis which reported that general ransomware crypto funds topped $600 million for the interval.
The brand new analysis discovered that final yr noticed rising calls for for ransom cost in Monero (XMR), with attackers including premiums for funds made in Bitcoin (BTC) starting from 10 to twenty%. At the very least 22 ransomware strains (from an incomplete checklist of greater than 50) solely settle for XMR funds, and not less than seven of them settle for each BTC and XMR, it added.
“Greater costs for BTC are most probably seen by the ransomware actors as a premium for coping with the elevated danger in utilizing an simply traceable cryptocurrency like BTC.”
The report cited a Russian-speaking ransomware gang referred to as Everest Group which claimed to have hacked the U.S. Authorities in October final yr. In accordance with CipherTrace, Everest Ransomware is “at present making an attempt to promote the information for $500,000 in XMR.”
One other instance was the Russian DarkSide group liable for the U.S. Colonial Pipeline attack in Might 2021. The ransom may very well be paid in both XMR or BTC, however the associated fee was larger for the latter.
The REvil ransomware group additionally switched from demanding BTC to demanding funds in XMR solely in early 2020.
Associated: Don’t blame crypto for ransomware
Monero is a privacy-based cryptocurrency that makes use of a mixture of applied sciences reminiscent of mixers, ring signatures, and stealth addresses that obfuscate sending and receiving wallets. For this reason it has develop into the first asset of selection for these demanding ransoms.
For that purpose, Monero and different extremely privacy-focused cryptocurrencies reminiscent of Sprint and Zcash have been delisted by some exchanges in nations such because the U.Okay. and Japan.
The Monero blockchain will probably be hard forked in July to additional improve its anonymity and privateness properties.
