Funds funnelled through popular crypto exchanges grew significantly last year but, worryingly, the share of ransomware funds was reported to have increased from 39,3% in 2021 to 48,3% in 2022, according to new research from StockApps.com.
This disconcerting trend shows how hackers can exploit digital payment systems and hide their identities while extorting victims for ransom money. The rise in ransomware attacks has caused significant financial losses and disruption, including lost revenue and reputational damage, for individuals and businesses alike.
“To combat the ransomware threat, security professionals are increasingly turning to more sophisticated techniques such as multi-factor authentication (MFA) and endpoint detection and response (EDR),” says Edith Reads, financial analyst at StockApps.com. “These measures can help protect against ransomware attacks by reducing the chances of successful infiltration, or identifying attempts before they can cause serious damage.”
Recently, the US Department of Justice executed a law enforcement operation against Bitzlato exchange which was accused of facilitating ransomware and money laundering activities. The suspect, Anatoly Legkodymov, was charged with operating an unlicensed money-transmitting business.