Chainalysis Research: 64% Of Ransomware Attackers Launder Via Crypto Exchanges

The United States based blockchain intelligence firm Chainalysis is in the latest cryptocurrency news. The new Chainalysis research shows that around 64% of the ransomware attack cash-out strategies involve laundering of funds directly through cryptocurrency exchanges. This data was officially revealed in a webinar which the company held on May 30.

As reported by many best cryptocurrency news sites, a ransomware attack is basically one where a malware hits a target and demands a ransom payment – which is frequently denominated in cryptocurrencies. The payment is then demanded in return for the ostensible delivery of a decryptor tool which helps victims recover access to their data.

The Chainalysis research directly explored this topic. For those of you who don’t know, the company has been in the altcoin news for some time now for its amazing analytics and tools that help firms, governments and law enforcement to monitor blockchain transactions as well as track the suspected illicit activities. In this Chainalysis report, the company claims that 64% of the ransomware attackers launder their ill-gotten funds via crypto exchanges.

Furthermore, the Chainalysis research managed to identify 38 exchanges – but did not disclose their names – which were seen to directly receive funds from addresses associated with a ransomware attack.

The report also shows that among other ransomware cash-out strategies that were analyzed, 12% of them involved mixing services and only 6% involved peer-to-peer networks. The other methods, as the Chainalysis research shows (9%), reportedly remain unspent.

The analysis was also in the coming altcoin news for noting that the ransomware attacks typically involve less complex cash-out networks compared to standard cryptocurrency exchange hacks. As the webinar presenting the Chainalysis research argued, this is because a hack often involves a large amount of money leaving a known exchange and often attracts high media publicity – requiring that hackers conceal the flow of funds more robustly.

In contrast to this, ransomware attacks normally involve smaller discrete sums to multiple addresses and are less publicized, thereby avoiding intense and immediate scrutiny. The Chainalysis research also identified a shift in the ransomware threat landscape – which shos that criminals are shifting to targets with legally or politically sensitive data and raising the amount of ransom payment demanded.