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Crypto ransom attack payments hit record $1 billion in 2023

Reuters · 1y ago

Crypto ransom attack payments hit record $1 billion in 2023

Crypto-related ransom attack payments reached a record $1 billion in 2023, almost doubling from the previous year, according to blockchain analytics firm Chainalysis. Scammers targeted institutions for ransom, accumulating $1.1 billion compared to $567 million in 2022. However, losses from other crypto-based crimes, including scamming and hacking, decreased. The rise in payments can be attributed to new players entering the market, attracted by high profits and low barriers to entry. "Big game hunting" has become a dominant strategy, with a majority of ransom revenue coming from payments of $1 million or more.

Related News

Ransomware gang claims responsibility for Kettering Health hack | TechCrunch

TechCrunch · 2m ago

Ransomware gang claims responsibility for Kettering Health hack | TechCrunch

A ransomware gang, Interlock, claimed responsibility for a cyberattack on Kettering Health, affecting hospitals in Ohio. The group stole over 940 gigabytes of data, including sensitive patient and employee information. Despite the theft, Kettering Health did not pay a ransom. The attack disrupted operations, but the healthcare network has restored core electronic health record components, aiming for normalcy. Interlock's public claim suggests ransom negotiations may have stalled.

Crypto market saw illicit transactions of $70 billion in five years: report

Economic Times

Economic Times · 1y ago

Crypto market saw illicit transactions of $70 billion in five years: report

The cryptocurrency market has seen nearly $70 billion worth of illicit transactions in the last five years, with a 308% increase since 2017, according to AltIndex.com. Illicit crypto transactions hit a record $20.6 billion in 2021, driven by activities such as scams, ransomware, human trafficking, terrorism financing, and dark net markets. Despite the surge in illicit activity, the proportion of such transactions in the total crypto volume has decreased. In 2017, they accounted for 0.86% of all cryptocurrency transactions, falling to 0.24% in 2021. Sanctions on crypto-related entities have also increased in recent years.

Crypto exchange Bybit’s $1.5 billion breach: All you need to know

Economic Times

Economic Times · 5m ago

Crypto exchange Bybit’s $1.5 billion breach: All you need to know

A significant $1.5 billion crypto theft hit exchange Bybit, marking one of the largest hacks in history. CEO Ben Zhou confirmed that a hacker compromised an offline Ethereum wallet, while other wallets remained unaffected. Bybit assures solvency despite the breach. Analysts link the attack to North Korea's Lazarus Group. The heist involved 401,346 ETH and sparked Ethereum price drops. Major past crypto heists include WazirX, Ronin Bridge, DMM Bitcoin, Coincheck, and Mt. Gox.

Alliance of 40 countries to vow not to pay ransom to cybercriminals: US

Economic Times

Economic Times · 1y ago

Alliance of 40 countries to vow not to pay ransom to cybercriminals: US

A US-led alliance consisting of forty countries is set to sign an agreement pledging not to pay ransom to cybercriminals and to work towards eliminating their funding mechanism. The International Counter Ransomware Initiative aims to address the growing number of ransomware attacks globally, with the US being hit the hardest. The alliance plans to create information-sharing platforms and utilize artificial intelligence and blockchain analysis to identify illicit funds. This initiative comes as the volume of cryptocurrency payments to ransomware attackers reaches a record high.

Crypto custody startup BitGo confidentially files for US IPO - The Economic Times

Economic Times

Economic Times · 20d ago

Crypto custody startup BitGo confidentially files for US IPO - The Economic Times

BitGo, a crypto custody firm, has confidentially filed for a U.S. IPO amid a surge in the crypto sector, which recently hit a $4 trillion market value. This growth is fueled by corporate treasury adoption, regulatory clarity, and increased institutional inflows. BitGo's move follows a trend of crypto companies, such as Grayscale and Gemini, seeking public listings. Founded in 2013, BitGo raised $100 million at a $1.75 billion valuation in 2023.

Hackers stole nearly $2 billion in cryptocurrencies in 2023: report

Economic Times

Economic Times · 1y ago

Hackers stole nearly $2 billion in cryptocurrencies in 2023: report

Hackers stole approximately $2 billion in cryptocurrencies in 2023, marking a decrease from the record-high $3.8 billion stolen in 2022. Some notable incidents include a Hong Kong-based crypto company losing $200 million in a data breach, cyber-criminals stealing $197 million from a crypto lending platform, and a leading crypto exchange witnessing a net outflow of $258 million after a hack. Additionally, over $7 billion has been laundered through cross-chain crime, with North Korea's Lazarus Group linked to the theft of around $900 million.

Cyber attack compromised Indonesia data centre, ransom sought: report

Economic Times

Economic Times · 1y ago

Cyber attack compromised Indonesia data centre, ransom sought: report

Indonesia's national data center was targeted by cyber attackers who demanded an $8 million ransom, causing disruptions to government services, including airports. The attack utilized a new variant of the Lockbit malicious software. Lockbit is known for using ransomware to encrypt victims' data and extort payments in cryptocurrency. The hackers can threaten to leak or delete confidential information if the victim refuses to pay. Investigations are ongoing to gather more details about the attack.

Hong Kong crypto firm Mixin hit by $200 million hack

Economic Times

Economic Times · 1y ago

Hong Kong crypto firm Mixin hit by $200 million hack

Crypto firm Mixin revealed that hackers stole approximately $200 million from its platform in what is considered the largest crypto theft of the year. Mixin, a network for transferring digital assets, reported the attack on its cloud service provider's database. While withdrawals were temporarily halted, transfers were unaffected. The company plans to announce a solution for recovering the lost assets. This hack ranks as the 10th largest in crypto history by volume of stolen assets and marks the largest of 2023 so far. Last year saw crypto thefts totaling as much as $3.8 billion.

UPI transactions in January surpass 16.99B; highest recorded in any month

YourStory

YourStory · 5m ago

UPI transactions in January surpass 16.99B; highest recorded in any month

In January, UPI transactions hit a record 16.99 billion, with a value over Rs 23.48 lakh crore, marking the highest monthly figures, according to the Ministry of Finance. UPI, the cornerstone of India's digital payment ecosystem, accounted for 80% of retail payments. By January 2025, over 80 UPI apps and 641 banks were active. Of transactions, 62.35% were People to Merchant (P2M), highlighting UPI's popularity for low-value payments.

Ransomware Gangs’ Merciless Attacks Bleed Small Companies Dry

Livemint

Livemint · 8m ago

Ransomware Gangs’ Merciless Attacks Bleed Small Companies Dry

Knights of Old, a UK delivery company, fell victim to a cyber attack by the Russian hacking group Akira, who encrypted the company's files and threatened to publish its internal data unless a ransom was paid. Ransomware attacks have increased by 70% in 2023, with Akira alone extorting an estimated $42 million from over 350 organizations. While Akira has targeted high-profile companies, the majority of its victims are small and medium-sized businesses. The median ransom payment has soared to $6.5 million, highlighting the significant financial impact of these attacks on organizations.

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