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Take Down Money Laundries To Foil Ransomware Gangs

February 15, 2021


Not all victims disclose ransomware attacks and ransom payments, meaning the $350 million in verified ransom payments made in 2020 is a lowball figure, according to a report by blockchain analysis firm Chainalysis. The most important finding in the report is that many cybercrime operations, including ransomware, use the same intermediary money laundering services for crucial cash flow. This is invaluable information for law enforcement. It suggests that activities of multiple bad actors can be disrupted by taking a few money laundering operations offline The same tactic could be applied to crypto-exchanges, the points where most of the ransomed funds exit the blockchain.  According to Chainalysis, only five exchange portals received 82 percent of all ransomware funds in 2020.  There is also evidence to suggest that the ransomware scene is also formed of far fewer threat actors than initially believed, with many groups constantly switching from one RaaS (ransomware-as-a-service) to another.

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