Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
16 Octobre 2021 - 10:00PM
NEWSBTC
Ransomware attacks in the U.S. have been on a rise since late 2020,
but it is particularly booming in 2021. This year, hackers have hit
numerous U.S. companies in large-scale hacks. One such attack on
pipeline operator Colonial Pipeline led to temporary fuel supply
shortages on the U.S. East Coast. Hackers also targeted an
Iowa-based agricultural company, sparking fears of disruptions to
grain harvesting in the Midwest. Schools, insurance companies, and
police departments have also suffered from these attacks. Related
Reading | Questions Linger As FBI Recovers Colonial Pipeline
Ransomware Crypto Funds In response to this, the U.S. Treasury’s
Financial Crimes Enforcement Network (FinCEN), charged with
safeguarding the financial system from illicit use, released
a Financial Trend Analysis. FinCEN published the report on
Friday, October 15, 2021. The report analyzed the considerable
growth in ransomware payments in the first six months of 2021 and
the relative difference from last year. Ransomware Attacks In The
U.S. U.S. Treasury Secretary Janet L. Yellen recently noted,
“Ransomware and cyber-attacks are victimizing businesses large and
small across America and are a direct threat to our economy.”
According to the report, FinCEN analysis of Suspicious Activity
Reports (SARs) filed during the first half of 2021 indicates that
it is an increasing threat to the U.S. Between January 1 and June
30, 2021, 635 SARs were filed, and 458 transactions were reported.
This was 30% more than the total of 487 SARs filed for the entire
2020. The total value of suspected ransomware payments during the
first half of 2021 was $590 million, more than the $416 million
reported for the whole of 2020. Source: FinCEN Financial Trend
Analysis The U.S. Treasury Department said the average amount of
reported ransomware transactions per month in 2021 was $102.3
million. FinCEN identified bitcoin (BTC) as the most common payment
method in reported transactions. Approximately $5.2 billion in
outgoing BTC payments tied to the top 10 variants over the past
three years. It noted that USD figures cited in this analysis are
based on the value of BTC when the transactions occurred. BTC
trading at over $60.7K | Source: BTCUSD on TradingView.com If the
trends keep up, hackers could make more from ransomware this year
than they did in the previous ten years combined. The U.S.
Government’s Response The U.S. government has been working to clamp
down on attacks from hackers. The Biden administration has made the
government’s cybersecurity response a top priority following a
series of attacks this year that threatened the U.S. energy and
food supplies. Earlier this month, the Justice Department announced
the launch of a National Cryptocurrency Enforcement Team to go
after the exchanges that expedite crime-related transactions, like
ransomware demands. Related Reading | U.S. Recovers Millions
Paid In Bitcoin For Pipeline Ransomware In September, Wall Street
Journal reported that the Biden administration was
“preparing an array of actions, including sanctions, to make it
harder for hackers to use digital currency.” Also last month, the
Department of the Treasury’s Office of Foreign Assets
Control sanctioned crypto exchange SUEX OTC, S.R.O.
(SUEX) for facilitating financial transactions for ransomware
actors. This action was the department’s first such move against a
virtual currency exchange over ransomware activity. Coinciding with
the release of the report, the Treasury Department
released virtual currency guidance. The guidance said, “the
virtual currency industry, including technology companies,
exchangers, administrators, miners, wallet providers, and users,
plays an increasingly critical role in preventing sanctioned
persons from exploiting virtual currencies to evade sanctions and
undermine U.S. foreign policy and national security interests.”
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