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Share of Ransomware Funds Being Funneled to Popular Exchanges Soared to 48.3% In 2022
March 2023 by StockApps.com
According to StockApps.com, funds funnelled through popular exchanges have grown significantly in 2022. The share of ransomware funds was reported to have increased from 39.3% in 2021 to 48.3% in 2022.
This worrying trend shows how hackers can exploit digital payment systems and hide their identities while extorting victims for ransom money. The rise in ransomware attacks has caused significant financial losses and disruption, including lost revenue and reputational damage, for individuals and businesses alike.
Edith Reads, StockApps financial analyst commented on the findings saying, “To combat ransomware threat, security professionals are increasingly turning to more sophisticated techniques such as multi-factor authentication (MFA) and endpoint detection and response (EDR). These measures can help protect against ransomware attacks by reducing the chances of successful infiltration or identifying attempts before they can cause serious damage.”
Recently, the US Department of Justice executed a law enforcement operation against Bitzlato exchange which was accused of facilitating ransomware and money laundering activities. The suspect, Anatoly Legkodymov, was charged with operating an unlicensed money-transmitting business. The full story and statistics can be found here: Share of Ransomware Funds Being Funneled to Popular Exchanges Soared to 48.3% In 2022
