FinCEN announces $ 5.2 billion related to Bitcoin ransomware payments

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reveals a whopping $ 5.2 billion related to Bitcoin ($ BTC) ransomware payments. Fincen has reportedly linked these BTC transactions to the top 10 most common ransomware attacks.

FinCEN announces $ 5.2 billion related to Bitcoin ($ BTC) ransomware payments

The data analyzed by Fincen includes 2,184 suspicious transaction reports (SARs) filed between January 1, 2011 and June 30, 2021, identifying 177 CVCs (convertible virtual currencies).

Accordingly, the number of SARs has increased in recent years, leading to more ransomware attacks and losses. The data generated from ransomware-related SARs also shows that the average monthly suspicious total amount of ransomware transactions is $ 66.4 million and the median is $ 45 million.

“FinCEN has identified $ 590 million in SARs related to ransomware, up 42 percent from a total of $ 416 million for 2020 as a whole. If current trends continue, SARs filed in 2021 are predicted to be higher Ransomware-related transaction values ​​have been submitted as the SAR over the past 10 years combined, which would represent an ongoing trend towards a significant year-over-year increase in reported ransomware activity.

Fincen’s comprehensive report on ransomware attacks comes amid a strong need for action by the Biden administration against these attacks. The report also shows that ransomware attackers laundered their money through privacy coins like Monero. However, the most popular payment method is still Bitcoin.

US Treasury Department announces sanctions against ransomware attacks

Ransomware attacks have become a nuance for governments like the US, where the Biden government has promised tough measures as well as sanctions against related groups and companies. The Biden government also announced initial sanctions in a ransomware-related crime against a Russian virtual exchange.

The United States has faced a number of ransomware attacks this year. However, it turned out that they had managed to get their hands on the Exchange wallets where the hackers had kept their funds.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.