Fun

This Bitcoin Ransomware Rakes in $150 Million in BTC

News Feed - 2021-01-10 12:01:45

This Bitcoin Ransomware Rakes in $150 Million in BTC


A new report by two cybersecurity firms has revealed that one ransomware family is particularly successful, raking in over $150 million in bitcoin. The ransom payments “sometimes amount to millions of dollars and typically run in the hundreds of thousands range.” Ransomware Makes $150 Million in Bitcoin


The Ryuk ransomware family has raked in $150 million in bitcoin, according to a joint report by cybersecurity firms Advanced Intel and Hyas. “The Ryuk family of ransomware has been particularly successful in economic terms as well as having a disruptive impact on many industries around the world,” the report authors described, adding: Our research involved tracing payments involving 61 deposit addresses attributed to Ryuk ransomware. The Ryuk criminals send a majority of their bitcoin to exchanges through an intermediary to cash out.


The ransomware family Ryuk was first discovered in the wild in August 2018. Its targets tend to be high-profile organizations, including hospitals and newspapers.


The report authors explained that “Significant volumes of bitcoin move from the laundering service to Binance, Huobi, and crime markets that we have identified through traced payments.” Besides the two crypto exchanges, “there are significant flows of cryptocurrency to a collection of addresses that are too small to be an established exchange and probably represent a crime service that exchanges the cryptocurrency for local currency or another digital currency.”



Furthermore, the report notes that “Ryuk receives a significant amount of their ransom payments from a well-known broker that makes payments on behalf of the ransomware victims. These payments sometimes amount to millions of dollars and typically run in the hundreds of thousands range,” adding: After tracing bitcoin transactions for the known addresses attributable to Ryuk, the authors estimate that the criminal enterprise may be worth more than $150,000,000.


What do you think about this ransomware raking in $150 million in bitcoin? Let us know in the comments section below. Crypto User Loses Over $100K in Bitcoin While Transferring His Wallet SECURITY | 22 hours ago Hackers Are Using Three Fake Crypto-Related Apps to Drain Wallets SECURITY | 3 days ago Tags in this story Bitcoin ransomware, Bitcoin Scam, bitcoin scammer, btc ransomware, pay ransoms, ransomware


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Rejected At Descending Resistance Again – Is $78,600 Still In Play?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Robert Kiyosaki: SEC Will ‘Crush’ Most Cryptos, Burry on US Recession, Gold Bug Schiff on Inflation in 2023 — Week in Review
Robert Kiyosaki: SEC Will "Crush" Most Cryptos, Burry on US Recession, Gold Bug Schiff on Inflation in 2023 — Week in Review 2023 is off to a rough start, with crypto business ba
Family of Popular NFT Projects Launch Collaborative Initiative and Genesis Collection
Family of Popular NFT Projects Launch Collaborative Initiative and Genesis Collection On Tuesday, a new Draper Goren Holm incubated company called NFT.FAMILY has announced the laun
Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners
Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliam
Strategist Expects US Recession by Year-End, Fed Tightening to Drag Down Economy
Strategist Expects US Recession by Year-End, Fed Tightening to Drag Down Economy Investment bank MPS Capital Services has warned that the U.S. economy will be in a recession by yea
Redefining digital identity: Metropolis joins Cointelegraph Accelerator
Cointelegraph Accelerator9 hours agoRedefining digital identity: Metropolis joins Cointelegraph AcceleratorMetropolis, a 360-degree curated universe that blends commerce, gaming and experiences, has joined Cointelegraph
Bank of England Governor Says Crypto Creates ‘Opportunity for the Downright Criminal’
Bank of England Governor Says Crypto Creates ‘Opportunity for the Downright Criminal’ The governor of the Bank of England, Andrew Bailey, has warned that crypto creates an 
Marcel Pechman5 hours agoChainlink leads the market with 61% weekly gain — What’s driving LINK price?LINK price pulled off a shocking double-digit rally over the past week, but exactly what is behind the move?1230 To
Bitget Introduces MegaSwap for a Re-Invented DeFi Experience
Bitget Introduces MegaSwap for a Re-Invented DeFi Experience press release PRESS RELEASE. Seychelles, December 26, 2022 – Leading global cryptocurrency exchange, Bitget launc
Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion
Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion On September 8, 2021, Dmitriy Berenzon, research partner at 1kxnetwork, an early-stage crypt
Crypto, Encryption, and the Quest for a Secure Messaging App
Crypto, Encryption, and the Quest for a Secure Messaging App How confidential is our conversation? This question has come to the fore in recent months, driven by a flurry of news
Deutsche Börse launches spot cryptocurrency trading platform
Helen Partz13 hours agoDeutsche Börse launches spot cryptocurrency trading platformLaunched jointly with the custody provider Crypto Finance, the DBDX offers an ecosystem for crypto trading, settlement and custody for i