Monero’s crypto of choice as ransomware ‘double extortion’ attacks increase 500%

A brand new report by blockchain analytics agency CipherTrace highlights the rising function that privacy-focused cryptocurrencies comparable to Monero are taking part in within the rising tide of ransomware.

“Present Developments in Ransomware” delves into developments noticed throughout 2021 however was solely launched this week. The agency revealed there was nearly a 500% improve in “double extortion” ransomware assaults from 2020 to 2021. These are cyber assaults wherein malicious actors steal a sufferer’s delicate knowledge along with encrypting it.

The report echoes related findings from analytics agency Chainalysis, which reported that general ransomware crypto funds topped $600 million for the interval.

The brand new analysis discovered that final yr noticed rising calls for for ransom fee in Monero (XMR), with attackers including premiums for funds made in Bitcoin (BTC) starting from 10 to twenty%. No less than 22 ransomware strains (from an incomplete checklist of greater than 50) solely settle for Monero (XMR) funds, and at the very least seven of them settle for each BTC and XMR, it added.

“Larger costs for BTC are more than likely seen by the ransomware actors as a premium for coping with the elevated threat in utilizing an simply traceable cryptocurrency like BTC.”

The report cited a Russian-speaking ransomware group referred to as Everest Group, which claimed to have hacked america Authorities in October final yr. Based on CipherTrace, Everest Ransomware is “at the moment making an attempt to promote the information for $500,000 in XMR.”

One other instance was the Russian DarkSide group liable for the U.S. Colonial Pipeline assault in Might 2021. The ransom could possibly be paid in both XMR or BTC, however the price was increased for the latter.

The REvil ransomware group additionally switched from demanding BTC to demanding funds in XMR solely in early 2020.

Associated: Don’t blame crypto for ransomware

Monero is a privacy-based cryptocurrency that makes use of a mixture of applied sciences comparable to mixers, ring signatures and stealth addresses that obfuscate sending and receiving wallets. Because of this it has develop into the first asset of alternative for these demanding ransoms.

For that cause, Monero and different extremely privacy-focused cryptocurrencies comparable to Sprint (DASH) and Zcash (ZEC) have been delisted by some exchanges in nations comparable to the UK and Japan.

The Monero blockchain will probably be onerous forked in July to additional improve its anonymity and privateness properties.