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- $406.34 million already lost in 2020, ransomware shows no sign of slowing down
- No other cryptocurrency-based crime sector had reported such a spike
- Some analysts believe that the most prominent strains may have the same creator or administrator
In a recent blog post, Chainanalysis released an excerpt from an upcoming mid-year update on ransomware. As per data, ransomware was at its peak in 2020.
$81.55 Million Already Lost in First Five Months
With around $406.34 million already lost in 2020, ransomware shows no sign of slowing down. In just five months of 2021, $81.55 million has been lost in ransomware. However, Chainanalysis confirmed that as they discover new ransomware addresses, the amount may increase significantly. Several new strains demanding large sums from victims and a few pre-existing strains that grow earnings have risen since the 2020 ransomware explosion. According to its 2021 Crypto Crime Report in February, the total amount of crypto paid by the victims rose to $350 million.
Most Attackers use the RaaS Model to Perform Ransom
No other cryptocurrency-based crime sector had reported such a spike. The number of strains active throughout the year may indicate that several distinct groups are carrying out these activities. However, the blogpost reveals that it may not be the case. Most strains function on the RaaS model (Ransomware as a Service model). Attackers rent a ransomware strain and get money in exchange for every successful attack they carry out.
RaaS affiliates often oscillate between strains. This indicates that the Ransomware community is smaller than it seems. Some analysts believe that the most significant pressures may have the same creator or administrator. However, Chainanalysis considers it easier to decipher such connections with blockchain analysis and how different strains transact among themselves.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
