U.S. Links $5.2 Billion Of Bitcoin Transactions to Ransomware

Share post:

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has identified $5.2 billion in outgoing Bitcoin transactions linked to some of the most commonly reported ransomware payments, based on a blockchain analysis of transactions involving 177 CVC wallets.

The authority identified the 177 CVC (convertible virtual currency) wallet addresses used for ransomware-related payments, after carefully examining 2,184 SARs (Suspicious Activity Reports) filed between January 1, 2011 and June 30, 2021. For the first six months of 2021, the total value of ransomware-related SARs is at $590 million with 635 SARs already filed by June 2021, of which FinCEN identified 68 active ransomware variants and also the top 10 ransomware with the most victims and highest ransoms demanded.

As various countries and organizations work around the clock to put an end to ransomware attacks, FinCEN’s findings follow the decisions of governments around the world to crack down on cryptocurrency payment channels used by ransomware gangs.

For more information, read the original story in Bleeping Computer.

SUBSCRIBE NOW

Related articles

CrowdStrike update causes global IT outages, fix is available

Some airlines, banks and government services around the world have been affected by a faulty software update for...

Charges dismissed in SolarWinds hacking case

A judge has dismissed most of the Securities and Exchange Commission's (SEC) fraud charges against SolarWinds related to...

Canadian is among foreign nationals pleading guilty to involvement with Lockbit ransomware

Two foreign nationals have pleaded guilty in the US District of New Jersey to their involvement in the...

Amazon cracks down on workers tapping in in for coffee

Amazon is intensifying its crackdown on employees who circumvent its return-to-office requirements. Reports from Business Insider indicate that...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways