$5.2 Billion in Bitcoin ($BTC) Connected to Ransomware Payments

In their study, US Treasury researchers discovered that transactions worth more than $5 billion in bitcoin are linked to ransom payments to the top 10 ransomware variants. 

FinCEN reviewed 2,184 Suspicious Activity Reports (SARs) filed between January 1, 2011, and June 30, 2021, of which it found 177 CVC (convertible virtual currency).

After conducting comprehensive research on the 177 unique convertible virtual currency wallet addresses utilized for ransomware-related payments associated with the 10 most frequently reported ransomware variants throughout SARs over the study period, the Treasury Department discovered approximately $5.2 billion in outgoing bitcoin transactions that may be linked to ransom payments.

The FinCEN report on ransomware assaults, which spans 10 years, comes amid growing calls from the Biden administration for action against these incidents. Monero was also discovered to be a laundering method for ransomware attackers. Bitcoin is still the most popular payment option.

United States government will apply sanctions against ransomware payments

Ransomware attacks have drawn the attention of governments around the world, including the United States. The Biden administration has promised severe penalties for organizations and corporations involved in it. A Russian virtual exchange was also targeted with sanctions by the Biden administration, making it the first in this crime.

The United States has been victim to a number of ransomware attacks, including the Colonial Pipeline cyberattack, in which the FBI alleged to have gained access to hackers’ Bitcoin wallets. They were able to pry open exchange wallets where the criminals kept their money.

Over 30 governments commit to fighting ransomware

The news comes a day after the United States and governments from more than 30 nations concluded a two-day conference on ransomware and how to stop it. The countries committed to greater collaboration, calling for greater accountability for cryptocurrency platforms.

FinCen also released further guidance in conjunction with the report’s release, effectively threatening the virtual currency sector with penalties if they allow banned individuals or organizations to continue to use their platforms.