The amount of crypto-based ransomware payments reached $600 million in 2021, according to reports.
A new report by Kaspersky has found that regulations around the crypto sector are increasing around the world and will make Bitcoin less enticing for criminals to use as a payment gateway. Citing that crypto-based ransomware payments reportedly rose above $600 million in 2021, it’s clear that BTC is still used as a ransom in some of the biggest heists such as the Colonial Pipeline attack.
The report noted that as sanctions continue to be issued, the markets are increasingly regulated, and technologies for tracking Bitcoin improve, cybercrooks will begin rotating away from this cryptocurrency toward other forms of value transfer.
Digital scams are on the rise, specifically in the emerging crypto-currency scene.
Recent statistics from Chainalysis claim that October has been the worst month for crypto-related crimes this year. The sector lost nearly $718 million in response to these types of crimes.
According to a recent report from Bankless Times, Americans have lost over $1 billion to scammers.
In 2018, we’ve seen a number of high-profile cyberattacks and malware outbreaks. One such example is cryptojacking, which has increased significantly this year as more cybercriminals adopt the practice, of injecting code into systems so they can mine or steal digital assets.
The misuse of cryptocurrencies to launder money has been a major concern for India and many other countries.
In light of this and the ongoing pressure to persuade Member States to comply with its AML rules, the Financial Action Task Force has found itself in what many are calling a position of leadership.
BTC is a popular cryptocurrency and it has seen an increase in criminal activity, which has led to laws becoming more strict. So far this has had little effect on scammers who are expected to continue swarming the crypto sector.
Cybercriminals are expected to continue carrying out phishing attempts and scamming people who have been involved in ICOs, NFTs, and smart contracts.
But the report also noted that it is inevitable for people to become more aware of potential scam-like tactics and take safeguards against financial risks.
