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A brand new report by blockchain analytics agency CipherTrace highlights the rising function that privacy-focused cryptocurrencies akin to Monero are taking part in within the rising tide of ransomware.“Current Trends in Ransomware” delves into tendencies noticed throughout 2021 however was solely launched this week. The agency revealed there was virtually a 500% improve in “double extortion” ransomware assaults from 2020 to 2021. These are cyber assaults through which malicious actors steal a sufferer’s delicate information along with encrypting it.The report echoes comparable findings from analytics agency Chainalysis which reported that total ransomware crypto funds topped $600 million for the interval.The new analysis discovered that final yr noticed growing calls for for ransom fee in Monero (XMR), with attackers including premiums for funds made in Bitcoin (BTC) starting from 10 to twenty%. At least 22 ransomware strains (from an incomplete listing of greater than 50) solely settle for XMR funds, and a minimum of seven of them settle for each BTC and XMR, it added.“Higher prices for BTC are most likely seen by the ransomware actors as a premium for dealing with the increased risk in using an easily traceable cryptocurrency like BTC.”The report cited a Russian-speaking ransomware gang known as Everest Group which claimed to have hacked the U.S. Government in October final yr. According to CipherTrace, Everest Ransomware is “currently trying to sell the data for $500,000 in XMR.”Another instance was the Russian DarkSide group accountable for the U.S. Colonial Pipeline assault in May 2021. The ransom could possibly be paid in both XMR or BTC, however the price was larger for the latter.The REvil ransomware group additionally switched from demanding BTC to demanding funds in XMR solely in early 2020.Related: Don’t blame crypto for ransomwareMonero is a privacy-based cryptocurrency that makes use of a mixture of applied sciences akin to mixers, ring signatures, and stealth addresses that obfuscate sending and receiving wallets. This is why it has grow to be the first asset of alternative for these demanding ransoms.For that motive, Monero and different extremely privacy-focused cryptocurrencies akin to Dash and Zcash have been delisted by some exchanges in international locations such because the U.Okay. and Japan.The Monero blockchain shall be arduous forked in July to additional improve its anonymity and privateness properties.

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

“Current Trends in Ransomware” delves into tendencies noticed throughout 2021 however was solely launched this week. The agency revealed there was virtually a 500% improve in “double extortion” ransomware assaults from 2020 to 2021. These are cyber assaults through which malicious actors steal a sufferer’s delicate information along with encrypting it.

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

The new analysis discovered that final yr noticed growing calls for for ransom fee in Monero (XMR), with attackers including premiums for funds made in Bitcoin (BTC) starting from 10 to twenty%. At least 22 ransomware strains (from an incomplete listing of greater than 50) solely settle for XMR funds, and a minimum of seven of them settle for each BTC and XMR, it added.

“Higher prices for BTC are most likely seen by the ransomware actors as a premium for dealing with the increased risk in using an easily traceable cryptocurrency like BTC.”

The report cited a Russian-speaking ransomware gang known as Everest Group which claimed to have hacked the U.S. Government in October final yr. According to CipherTrace, Everest Ransomware is “currently trying to sell the data for $500,000 in XMR.”

Another instance was the Russian DarkSide group accountable for the U.S. Colonial Pipeline assault in May 2021. The ransom could possibly be paid in both XMR or BTC, however the price was larger for the latter.

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

Related: Don’t blame crypto for ransomware

Monero is a privacy-based cryptocurrency that makes use of a mixture of applied sciences akin to mixers, ring signatures, and stealth addresses that obfuscate sending and receiving wallets. This is why it has grow to be the first asset of alternative for these demanding ransoms.

For that motive, Monero and different extremely privacy-focused cryptocurrencies akin to Dash and Zcash have been delisted by some exchanges in international locations such because the U.Okay. and Japan.

The Monero blockchain shall be arduous forked in July to additional improve its anonymity and privateness properties.

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