Crypto Use Aids Ransomware Investigations According To US Financial Regulator
As cybercrime increased with the spread of the COVID-19 pandemic and cyberwarfare became a hot topic following Russia’s attack on Ukraine, cryptocurrency increasingly became associated with illegal and criminal activities. It has become a significant part of the thriving of ransomware and other forms of cyber extortion. This perception is not new, as Chainalysis CTO […]
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Ransomware, rogue software which encrypt data on your hard disk and demand payment in bitcoins to restore it, have been on the rise recently. Hospitals, police stations and universities have been the recent targets of ransomware. What exactly are the causes of the increase in ransomware and did Bitcoin lead to its birth? Craig Williams, Senior Technical Leader of Cisco Talo, says: “The ability to demand payment in bitcoinCT r: 8, a difficult-to-trace virtual currency not controlled by any country, was 'basically the birth of ransomware' and has helped drive its success since the currency's....
Ransomware has been on the rise as of late, and it is a cyber security threat a lot of businesses and government services are taking seriously. According to Chainalysis, the blockchain monitoring company, more ransomware-related arrests from law enforcement are on the horizon. Can Companies Like Chainalysis Curb Ransomware and Cyber Crime? Cybercriminals....
As technology advances, the use of new tools and blockchain ledger may put an end to the ransomware menace. Ransomware has been around since 1989 after Joseph Popp created the first malware known as AIDS or PC Cyborg. After 27 years, internet users are still finding themselves becoming targets to advanced versions of these malware which holds them for ransom by encrypting all the files on their computer. Almost all ransomware demand varying amounts in ransom to be sent in the form of bitcoin to the creator or distributor of the malware in order to get the decryption tool to regain access....
“Following the flow of ransomware payments on the blockchain is instrumental for law enforcement to understand and dismantle ransomware operations,” said Chainalysis CEO Michael Gronager. 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 Excygent on projects including seizing cryptocurrency connected to the now defunct darknet market Silk....
Over the course of 2015, many individuals and companies have been affected by ransomware. While this may have nothing to do with Bitcoin at first glance, there have been a few cases where the ransomware could only be removed by paying a certain fee in Bitcoin. But those days may be over now, as a decryption toolkit for various types of ransomware has been made publicly available, free of charge. CryptoLocker and CoinVault Ransomware. Two types of ransomware making headlines all across the world in recent months are called CryptoLocker and CoinVault. Both types of ransomware operate, in the....