Technology

Monero’s crypto of choice as ransomware ‘double extortion’ attacks increase 500%

A new report by blockchain analytics firm CipherTrace highlights the growing role that privacy-focused cryptocurrencies such as Monero are playing in the rising tide of ransomware. “Current Trends in Ransomware” delves into trends observed during 2021 but was only released this week. The firm revealed there was almost a 500% increase in “double extortion” ransomware attacks from 2020 to 2021. These are cyber attacks in which malicious actors steal a victim’s sensitive data in addition to encrypting it. The report echoes similar findings from analytics firm Chainalysis, which reported that overall ransomware crypto payments topped $600 million for the period. The new research found that last year saw increasing demands for ransom payment in Monero (XMR), with attackers adding premiums for payments made in Bitcoin (BTC) ranging from 10 to 20%. At least 22 ransomware strains (from an incomplete list of more than 50) only accept Monero (XMR) payments, and at least seven of them accept both BTC and XMR, it added.

Full Story : Monero’s crypto of choice as ransomware ‘double extortion’ attacks increase 500%.

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