Crypto ransomware payments increase 300% since 2020


TL;DR Breakdown

• OFAC announces three measures for businesses to prevent crypto ransomware raids.
• Virtual robberies have affected Bitcoin ATMs as well as companies.

Since the crypto market has become more and more popular, crypto ransomware payments have also increased commensurately in the world. According to Chainalysis magazine, many hackers have profited from the privacy of transactions which is offered by cryptocurrencies.

Although the US Treasury Department and OFAC have been fighting these cyber-attackers since last year, the problem has not diminished. This motivates security agencies to attack cryptocurrencies.

OFAC expects crypto ransomware problems

Crypto ransomware

The US control agency, OFAC, updates its data accepting that crypto ransomware problems have increased in 2021. However, the security bureau also suggested some methods for cyber-attack victims to apply.

Data hijacking in companies is one of the most complex points that information pirates often use. Cybercriminals take away your access to a virtual business or steal your money. Those affected who wish to regain access to the company must pay a ransom, where cryptocurrencies come in.

The latest crypto-ransomware attacks have been involved in problems with the public bus, management companies, gas companies, among other firms in the United States. According to reports, there are over 20 data hijacks every month, so the situation is spiraling out of control.

OFAC, as one of the most important financial security offices in the country, believes that to avoid this attack, companies should follow its suggestions.

The agency believes those affected should limit paying for ransoms to reduce the rate of virtual assaults. Each company should also verify its security levels and make them tougher to prevent hackers from breaking through its defenses. Finally, OFAC encourages all companies, victims of crypto ransomware, to report it to initiate investigations.

Investigation system renewed against ransomware

After OFAC discloses each step, it clarifies that its investigation system has been updated to respond immediately. Although the agency did not reveal if they have caught one virtual criminal.

Chainalysis magazine has shared in its data that crypto ransomware payments have exceeded over $400 million in the last three years. From 2019 to 2020, virtual attacks have increased to over 300 percent, and this year the number could possibly double.

Crypto ATM robberies are another unfortunate event that has ravaged the decentralized marketplace. These ATMs are adapted to make purchases and sales of cryptocurrencies easier and have been proven to be susceptible to hacks by malicious people. The security agency also plans to put in the effort to correct this problem to make cryptocurrency trading a more secure experience.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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