$ 5,200,000,000 worth of Bitcoin potentially linked to ransomware payments in the first half of 2021: FinCEN


The Financial Crimes Enforcement Network (FinCEN) claims that more than $ 5 billion worth of Bitcoin (BTC) could have been used to make ransomware payments in the first half of 2021.

In a new report analyzing data from January through June 2021, FinCEN analyzed hundreds of different crypto wallets used to make ransomware payments and found that bad actors potentially raised $ 5.2 billion in BTC.

“FinCEN has identified and analyzed 177 unique Convertible Virtual Currency (CVC) wallet addresses used for ransomware-related payments associated with the 10 most frequently reported ransomware variants in SAR (Suspicious Activity Reports) during the review. exam session.

Based on the blockchain analysis of identifiable transactions with the 177 CVC wallet addresses, FinCEN identified approximately $ 5.2 billion in outbound BTC transactions potentially related to ransomware payments.

According to the report, the number of reports of suspicious activity related to ransomware has skyrocketed this year. If the trend continues, there will be more ransomware-related SARs in 2021 than in the past 10 years combined.

“The total US dollar value of ransomware-related transactions reported in SARs filed during the review period exceeds that of any previous year since 2011.

In the first six months of 2021, FinCEN identified $ 590 million in ransomware SAR, a 42% increase from a total of $ 416 million for all of 2020.

If current trends continue, SARs filed in 2021 are expected to have a higher ransomware transaction value than SARs filed in the previous 10 years combined, which would represent a continuing trend of substantial increase in Ransomware activity. ransomware reported year over year.

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