Comrades In Crime: Russian-Speaking Hackers Bag 70% Of Crypto Proceeds – Report
A study from TRM Labs says that Russia’s involvement in illegal crypto operations grew a lot in 2023. Almost 70% of all cryptocurrency earnings from ransomware came from groups of people who spoke Russian. This makes them big players in this field. Related Reading: Kamala Harris Finds Ally In Ripple CEO Amid Crypto Backlash It […]
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The proceeds of crypto crime fell by more than $5 billion in 2020, due to increasing regulatory compliance by crypto exchanges and declining scams. Revenue from crypto-related crime dropped by more than half in 2020 according to Chainalysis’ annual report on the subject.Cybercriminals netted around $5 billion less than the $10 billion plus they got away with in 2019, representing a 53% fall. Transactions involving illicit funds have decreased even more rapidly than the total volume of those funds, falling from 2.1% of all transactions analyzed in 2019 down to just 0.34% last year. Among....
The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains. Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets. According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form of....
The Geeko in Russian. Coinspot credits me and CCN so that's all good. Hypron, creator of the 4-way exchange split page for serious data junkies, told me that Coinspot.ru, a Russian cryptocurrency blog, is translating and sharing my articles. Hypron noticed a lot of new traffic was coming from CCN (I linked to his useful page in a recent article) and the Coinspot version of that same article... It's pretty funny to see my stuff in Russian! Also, you guys (and my new crypto comrades) should tip Hypron some coin so he's encouraged to build more useful tools for our community. In other....
In adding to the recent stance taken by Russian regulators and official authorities, Russian president Putin’s counselor has reportedly stated that accepting bitcoin in Russia is “a crime”. Newly appointed counsel and advisor on the internet German Klimenko, has reportedly claimed that accepting bitcoin as a payment instead of Russian rubles, is unacceptable and is a crime. The seemingly matter-of-fact comments was made in an interview with Russian online news publication Lenta.ru. The comments from the interview were translated and revealed by Russian bitcoin news outlet Forklog. An....
Cryptocurrencies represent far less of a market for criminals compared to traditional finance, so crypto bans won’t solve the problem. Numerous governments are attempting to ban cryptocurrencies, with recent examples from China, India, Turkey and Nigeria. The reason for doing so is simple: The decentralized nature of cryptocurrencies poses a threat to the legacy financial system, and as the technology itself is still in its infancy, it seems to attract hackers. Even so, banning crypto will not dissuade hackers or scammers in the slightest.Hackers remain drawn to cryptocurrencyEver since....