Chainalysis: 64% of Ransomware Attackers Launder Proceeds via Crypto Exchanges

[Goodcat49]

United States-based blockchain intelligence firm Chainalysis claims that 64% of ransomware attack cash-out strategies involve the laundering of funds via cryptocurrency exchanges. The data was revealed in a Chainalysis webinar attended by Cointelegraph on May 30.

A ransomware attack involves the infection of a target with malware and the demand of a ransom payment — frequently denominated in cryptocurrencies. The payment is demanded in return for the ostensible delivery of a decryptor tool that can help victims recover access to their data.

Chainalysis — which provides blockchain analytics tools that enable firms, governments and law enforcement to monitor blockchain transactions and track suspected illicit activities — claims that 64% of ransomware attackers launder their ill-gotten funds via crypto exchanges.

Chainalysis has ostensibly identified 38 exchanges — without disclosing their names — that directly received funds from an address associated with a ransomware attack.

Among other ransomware cash-out strategies analyzed, 12% involved mixing services and 6% involved peer-to-peer networks, while others went via merchant services providers or dark web marketplaces. 9% of ransomware proceeds reportedly remain unspent.

The analysis also noted that ransomware attacks typically involve less complex cash-out networks as compared with crypto exchange hacks. Chainalysis argued that this is because a hack often involves a large amount of money leaving a known exchange, often attracting high media publicity, and requiring that hackers conceal the flow of funds more robustly.

https://cointelegraph.com/news/chainalysis-64-of-ransomware-attackers-launder-proceeds-via-crypto-exchanges