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“Chain hopping” ransomware gangs’ $5 Billion in Bitcoin payments


Showing just how lucratively attractive cybercrime has become to criminal gangs and how dangerous it is to the financial sector, businesses and the public, US Treasury analysis of 177 unique convertible virtual currency wallet addresses reveals that more than $5 billion in bitcoin transactions has been tied to the top ten ransomware variants. The mean average total monthly suspicious amount of ransomware transactions was $66.4 million and the median average was $45 million

The agency responsible, FINCEN (Financial Crimes Enforcement Network), doesn’t say which ransomware variants made more than others, but it does list those most commonly reported – REvil/Sodinokibi, Conti, DarkSide, Avaddon and Phobos. The US government is making noises about imposing sanctions on the virtual currency industry if it continues to allow the people or entities responsible for these activities to use their platforms. “Chain hopping”, where ransomware actors change one coin into another at least once before moving the funds to another service or platform, of course makes the policing of these activities more difficult.

Source: ZDNet

Informed Sauce is hosting an Infinidat-sponsored event in London on 2 December about protecting businesses from cyber crime.

Short talks from the Metropolitan Police, a military-trained cyber threat expert and sponsor Infinidat’s EMEA Field CTO will be followed by a panel-led, room-wide moderated discussion, with plenty of opportunities for you to contribute your thoughts and ask questions.

Visit the event microsite for more details and to sign up.


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