US Treasury Data Shows Over $5B In BTC Paid In Ransomware Attacks

The latest US Treasury data shows that over $5 billion in BTC was paid off in ransomware attacks as they have been on the rise since late 2020 but boomed in 2021. In today’s crypto news, we are taking a closer look at the analysis.

This year, the hackers hit numerous US companies in large-scale hacks and one such attack happened on the pipeline operator Colonial pipeline which led to a temporary fuel shortage on the US East Coast. The hackers targeted many companies including wheat and meat companies that sparked fears of disruption to grain harvesting in the Midwest. Insurance companies, schools, and police departments suffered from these attacks as well. In response to this, the US Treasury Financial Crimes Enforcement Network was charged with safeguarding the financial system from illicit usage and released the analysis. The FinCEN deport was published on October 15, 2021.

The US treasury data report shows the growth in ransomware payments in the first six months of this year and the difference from last year. Secretary Janet Yellen noted that these attackers are victimizing businesses large and small in America and are a direct threat to the economy. According to the report, FinCEN analysis shows that the Suspicious Activity Reports filed during the first half of 2021 and the relative difference from a year ago. About 635 SARs were filed and 458 transactions were reported. This was 30% more than the total 487 SARs filed for the entire 2020. The total value of suspected ransom payments during the first half of 2021 with $590 million which is more than $416 million reported in 2020.

The US Treasury Department said that the average amount of reported ransomware transactions per month in 2021 was $102.3 million but the FinCEN also identified BTC as the most common payment method in the reported transactions. About $5.2 billion in outgoing BTC payments tied to the 10 variants over the past three years. It noted that the USD figures cited in the analysis are based on the value of BTC when the transactions occurred. If the trends keep up, the hackers could make more from attacks this year than they did in the previous ten years combined.

The US government was working to clamp down on these attacks from hackers as the Biden administration made the government’s cybersecurity response a top priority after a series of attacks this year threatened the entire food supply of the US. The Justice Department announced the launch of the National cryptocurrency Enforcement team to go after exchanges that allow these transactions.