Viral crypto strain – At the beginning of January 2022, the utilities of Albuquerque in New Mexico, in the United States, start the year with a partial paralysis of their IT services following a ransomware attack. The year is off to a bad start for the cryptosphere knowing that ransoms are often paid in cryptocurrencies. In view of this attack which occurs very early in 2022, will the amount of crypto ransoms paid this year exceed that of last year?
Crypto ransoms on the rise
A report from February 10, 2022 by Chainalysis estimates that the total amount of ransomware payments in cryptocurrencies during the year 2021 amounts to at least $602 million. The actual total value of the ransoms paid could however according to the blockchain analytics firm, exceed $692 millionthe total amount of ransomware payments in cryptocurrencies during the year 2020.
On what basis is this latest estimate, revised upwards, based? Chainalysis cites “secondary evidence” and “ransomware revenues in the first half of 2021” higher than those of the same period during the previous year, to advance this hypothesis by a figure greater than $692 million.
Besides these amounts, 2021 also “did better” than 2020 in terms of the average size of crypto ransoms paid. The latter has in fact reached a record $118,000 last year, compared to $88,000 in 2020, a figure up 26% in one year.
This larger average size reflects the strategy of ” big game hunting increasingly used by ransomware strains, targeting large organizations.
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A more active strain: Conti leads the crypto ransomware dance
At least 140 ransomware strains received cryptocurrency payouts in 2021, 21 more than in 2020 and 61 more than in 2019.
Conti, believed to be based in Russia, was the most active ransomware strain last year, cashing in nearly $200 million in cryptocurrencies. Most of Conti’s revenue comes from selling its program as a service to affiliates.
Conti has been active throughout 2021, breaking away from the pattern followed by most strains which only work for a limited period, 60 days on average in 2021, which is 2.8 times less than in 2020 with its average of 168 days. These strains then go dormant only to reappear later under a new name.
To better illustrate this dominance of Conti in the ransomware field, it should be noted that even the Darkside organization’s 2021 revenues are significantly lower than those of the strain. Darkside had however managed to take the Colonial Pipeline hostage, demanding the payment of a ransom in bitcoin (BTC). His income nevertheless amounts to “only” $100 million in cryptocurrenciesor about half of those of Conti.
Beyond financial motivations, ransomware attacks also have non-financial goals. Chainalysis refers to geopolitical purposes: “deception, espionage, reputational damage and disruption of enemy government operations”. These attacks unfortunately tarnish the image of cryptocurrencies. It’s up to the blockchain to restore it by proving for the umpteenth time that it is capable of providing the information making it possible to track illegal bitcoin or altcoin transactions, and thus help in the arrest of those involved.
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