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” Monero crypto of choice as ransomware ‘double extortion’ attacks increase 500% “ A new report by blockchain analytics firm CipherTrace highlights the growing role that privacy-focused cryptocurrencies such as Monero are playing in the rising tide of ransomware. “Current Trends in Ransomware” delves into trends observed during 2021 but was only released this week….
” Skewed data: How could a new US law boost blockchain analysis? “ 2020 was a record year for ransomware payments ($692 million), and 2021 will probably be higher when all the data is in, Chainalysis recently reported. Moreover, with the outbreak of the Ukraine-Russia war, ransomware’s use as a geopolitical tool — not just…
“# Want to weed out ransomware? Regulate crypto exchanges ” Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up…
“# US officials seize $6.1M in crypto from ransomware actors, adds Chatex to sanctions list ” The United States Department of the Treasury has announced it will impose sanctions on the cryptocurrency exchange Chatex and its support network for allegedly facilitating transactions for ransomware actors. In an advisory update issued on Nov. 8, the Treasury…
“# Crypto in the crosshairs: US regulators eye the cryptocurrency sector ” In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Lately, news headlines are focused…
“# Aussie cyber spies to control critical infrastructure during ransomware attacks ” Australia’s top cyber spies are set to gain greater powers in the event of ransomware or other cyber attacks on critical infrastructure. The Australian Signals Directorate (ASD), a government agency in charge of cyber warfare and information security, would be able to take…
“# New Australian ransomware plan allows for seizure of crypto ” Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders. The new measures and proposed Surveillance Legislation Amendment announced by the federal government on Oct. 13 come after a 60% surge in cyberattacks on Australian businesses…
“# Chainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks ” Blockchain analytics firm Chainalysis has purchased cybercrime investigative company Excygent for an undisclosed amount, hinting the two will continue to work together to help “dismantle ransomware operations.” In an Oct. 5 announcement, Chainalysis CEO Michael Gronager said the firm had collaborated with…
“# US Senator Warren introduces bill to study crypto’s role in ransomware ” As cryptocurrency adoption continues apace in the United States, lawmakers want to better understand how it’s used — for both legal and illegal purposes. The Ransom Disclosure Act, introduced by Senator Elizabeth Warren and Congresswoman Deborah Ross, would require victims of ransomware…
“# US Treasury Dept sanctions crypto OTC broker Suex for alleged role in facilitating transactions for ransomware attacks ” The United States Department of the Treasury has announced it will impose sanctions on Czech Republic and Russia-based business Suex OTC for allegedly allowing hackers to access cryptocurrency sent as payment for ransomware attacks. In a…