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74% of Ransomware Revenue Goes To Russia-Linked Hackers

Wednesday February 16, 2022. 01:45 AM , from Slashdot
New analysis suggests that 74% of all money made through ransomware attacks in 2021 went to Russia-linked hackers. The BBC reports: Researchers say more than $400 million worth of crypto-currency payments went to groups 'highly likely to be affiliated with Russia.' Russia has denied accusations that it is harboring cyber-criminals. Researchers also claim 'a huge amount of crypto-currency-based money laundering' goes through Russian crypto-companies. Chainalysis, which carried out the research, said it was able to follow the flow of money to and from the digital wallets of known hacking groups using public blockchain transaction records.

In the Chainalysis report, it's highlighted that 9.9% of all known ransomware revenue is going to Evil Corp - an alleged cyber-crime group which the US has issued sanctions and indictments against, but who are operating in Russia with apparent impunity. A BBC investigation in November found that Igor Turashev, one of the accused leaders of Evil Corp, is operating several businesses out of Moscow City's Federation Tower. The tower is one of Russia's most prestigious addresses, home to prominent businesses and with apartments going for millions of dollars. Chainalysis claims several crypto-currency companies based in the tower were used by hackers to launder illicit funds, turning crypto-currency from digital wallet addresses to mainstream money. 'In any given quarter, the illicit and risky addresses account for between 29% and 48% of all funds received by Moscow City crypto-currency businesses,' researchers allege.

Read more of this story at Slashdot.
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