Report reveals $ 5.2 billion in Bitcoin transactions linked to … – .

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Report reveals $ 5.2 billion in Bitcoin transactions linked to … – .


While financial scams are not uncommon in today’s world, the cryptocurrency industry has recently seemed to be making a special name for itself. In the United States, financial authorities are keeping a close watch on the crypt’s businesses and investments. In fact, they again have an alarming update for the industry.

Treasury Department Financial Crime Network [FinCEN] reported approximately $ 5.2 billion in Bitcoin transactions presumably associated with ransomware. The analysis allowed FinCEN to trace the flow of Bitcoin ransomware payments to identify the exchanges and services that ransomware players used to launder their revenues.

Data included 2,184 special activity reports [SARs] filed between January 1, 2011 and June 30, 2021. It identified 177 convertible virtual currency wallet addresses that were used in ransomware operations associated with ransomware variants.

There were 68 active ransomware variants also tagged by the agency of which the most frequently reported were REvil / Sodinokibi, Conti, DarkSide, Avaddon and Phobos.

According to the data, the agency reported $ 590 million in SAR related to ransomware, a 42% increase from 2020. It said:

“FinCEN has identified $ 590 million in SARs related to ransomware, an increase of 42% from a total of $ 416 million for all of 2020. If current trends continue, SARs filed in 2021 should have a higher ransomware transaction value than the DAS deposited. over the past 10 years combined, which would represent a continuing trend of substantial increases in reported ransomware activity year over year.

This report follows a recent Treasury Department ban on people engaging in any way with the SUEX crypto exchange over allegations of laundering ransomware payments to criminals. According to their analysis, 40% of the exchange’s known transaction history is associated with illicit actors.

Besides Bitcoin, Monero was another crypto named in the FinCEN report. It was tagged as an enhanced anonymity cryptocurrency that had become mainstream for privacy.

The Treasury has plans to take strong action against such cyberattacks, but it will also have an impact on regulation if it is put in place. Given the rise in crypto payments against ransomware attacks, the agency also wanted blockchain companies to work with them to prevent such actions.

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