News
The cryptocurrency, allegedly linked to ransomware proceeds, is expected to be added to the US crypto reserve.
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Ransomware News
Ransomware is a type of malicious software made for the extortion of money. In principle, the software works by blocking the whole computer system or access to a user’s data through file encryption and then demands a ransom from the victim. Ransomware attacks are mainly target large organizations, as they have a large amount of valuable information and are ready to pay for it. Currently, as cryptocurrency has become one of the most convenient and fastest ways of payment, a lot of companies buy digital currencies in order to escape quickly from a ransomware attack. Bitcoin has also become one of the most popular currencies that is demanded by extorters as payment because of its relative anonymity and speed of transactions.
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US and international law enforcement agencies have taken down servers and websites linked to the BlackSuit ransomware group and seized $1 million in crypto.
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TRM Labs says the Embargo ransomware group has moved over $34 million in ransom-linked crypto since April, targeting US hospitals and critical infrastructure.
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The UK will prohibit its public sector, such as its health service and local councils, from paying ransomware in a bid to “smash the cyber criminal business model.”
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The US Department of Justice filed a civil forfeiture complaint to claim over $24 million in cryptocurrency tied to Qakbot malware developer Rustam Rafailevich Gallyamov.
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Coinbase rejected a $20 million ransom demand after insiders leaked user data in a phishing scheme. The exchange expects up to $400 million in reimbursement and remediation costs.
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Ransomware attackers still extorted more than $800 million from victims in 2024, data shows.
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Ledger co-founder David Balland was kidnapped in France and safely released after police intervention. The incident involved a cryptocurrency ransom demand.
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The United Kingdom has launched a consultation to explore a ban that would prevent operators of critical national infrastructure from paying ransomware cybercriminals.
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Crimeware-as-a-service fuels cybercrime in crypto. Explore its impact, tactics used and key steps to safeguard your wallets and transactions.
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BlackCat ransomware is known for its advanced techniques and is often associated with programs that enable cybercriminals to launch attacks.
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The US Department of Homeland Security reported that it has disrupted hundreds of ransom attacks since its formation in 2021.
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Singapore police advised businesses against paying ransom to the bad actors in case of a compromise and asked them to report the incident to authorities immediately.
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The U.S. FBI found that the Akira ransomware group has been targeting businesses and critical infrastructure entities in North America, Europe and Australia since March 2023.
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Ransomware attacks resulted in over $1 billion in cryptocurrency payments in 2023 as criminals targeted high-profile institutions and infrastructure.
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