Chainalysis, a blockchain research company, found that crypto-ransomware attackers in 2021 generated $602 million in Bitcoin, other currencies and this number could rise. The report also named Conti, a Russian hacker group, as the largest and most active group in terms of revenue.
According to the analysis company, they are still counting for it all, but that stolen money could be much higher, possibly reaching $1 billion.
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Chainalysis’ preview report from 2022 confirmed that ransomware has been on the rise. It explained that its initial estimate (that’s still an underestimate) of $350 million has jumped to $692 million.
Chainalysis is stated.
However, these numbers are not conclusive. Anecdotal evidence combined with the fact ransomware revenue for the first six months of 2021 outpaced that of 2020 suggests that we will soon discover that 2021 has been a much more lucrative year than 2021.
Ransomware attacks can mimic computer viruses.
Ransomware Attacks: 2020 VS 2021
The average ransomware payout rose 26% to $118,000 by 2021, compared with $88,000 in 2020. The most significant cause behind the higher increase of these numbers per the Chainalysis is a ‘big game hunting strategy. It has been used to increase the ransomware threat on large corporations.
It also broke all previous records, with 140 strains receiving cryptocurrency. It is up 21 from 2020’s figure and 61 from 2019.
Conti Group Becomes The Biggest Strain Of 2021’s Ransomware Attacks
Ransomware payments in 2019 total $152 Million, compared to $39,000,000 for 2018. In contrast, the last year’s figure has increased dramatically. As a result, the Russian-based hacker group ‘Conti’ is the biggest strain by revenue, per the Chainalysis.
Last year, the Russia-based hacker group Conti became one of the ransomware’s most active and profitable strains.
In Bitcoin and Monero, the Conti Group has taken nearly $200 Million from its victims. The group uses the ransomware-as-a-service (RaaS) model as the key and believes in sharing its program with affiliates to exchange a fee.
Another ransomware strain named ‘DarkSide’ who previously marked the historic attack on U.S Colonial Pipeline, which resulted in petroleum shortage, came in second to Conti. DarkSide requested that Conti pay the company $5 million in Bitcoin as a ransomware strain. It also nearly made $75 million in hacks similar to the one that DarkSide conducted over the year.
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Chainalysis determined that Conti was the only active strain during this year. At the same time, most others “Wavered in and out like a wave going up then down.”
Featured Image by Pixabay. Chart from Tradingview.com
