232 Interactions, 8 today
According to the blockchain data business Chainalysis, ransomware attacks were responsible for at least $81 million in stolen cryptocurrency this year.
That figure is expected to increase because Chainalysis detects new malicious activity retroactively (the firm previously stated that ransomware criminals stole at least $350 million in 2020, but now claims that figure is over $406 million).
Colonial Pipeline was struck with a ransomware attack last week, resulting in a massive gas outage across the Southeastern United States; the fuel company allegedly paid almost $5 million in Bitcoin to a Russian criminal organisation named DarkSide.
According to the study, “Russian-affiliated cybercriminals [such as DarkSide and the amusingly named “Evil Corp”] were the year’s biggest financial beneficiaries of cryptocurrency-based crime.”
The data published today is part of a forthcoming study on the state of ransomware in 2021 (the release date has not yet been defined by Chainalysis).
In addition to generating studies like this, Chainalysis collaborates with federal departments to assist with the prosecution of crypto suspects.
The US Air Force spent almost $1 million on its facilities last year.