Ransomware attacks almost doubled in 2023 – 02/07/2024 – Market

Cryptocurrency ransom payments from systems blocked by ransomware-related attacks nearly doubled in 2023 and broke a record, blockchain analysis firm Chainalysis said on Wednesday (7).

Criminals who target computers in hospitals, schools, companies and government agencies pocketed US$1.1 billion (about R$5.46 billion) in payments to free up access to these blocked systems last year, compared to US$567 million (R$2.8 billion) in 2022.

Meanwhile, losses from other crimes that began to be committed with the help of digital currency technology, such as scams and computer hacks, fell in 2023, Chainalysis said.

“An increasing number of new groups have been attracted by the potential for high profits and lower barriers to entry,” said Chainalysis.

“Big-ticket hunting” has become the dominant strategy in recent years, with a dominant share of all redemption volume made up of payments of US$1 million (R$5 million) or more, the company added.

A hacker group called “cl0p” that subverted file-sharing software MOVEit has made nearly $100 million in ransom payments, the analytics firm said.

Hundreds of organizations, including government departments, the UK telecommunications regulator and energy giant Shell, have reported digital security breaches involving MOVEit, which is typically used to transfer large amounts of often sensitive data.

A report in November showed that the “Black Basta” electronic crime group had extorted at least US$107 million (R$530 million) in bitcoins, with much of the ransom payments ending up on the Russian cryptocurrency exchange Garantex.

Cryptocurrency theft through digital attacks and ransomware is also a significant source of funding for North Korea, according to UN reports.

Chainalysis figures underestimate the role of cryptocurrencies in all crimes, as they only track electronic currencies sent to wallet addresses identified as illicit. The survey does not include payments for crimes unrelated to cryptocurrencies, such as digital currencies being used in drug trafficking.