Russian Hackers Behind 74% of Ransomware Attacks, Cyber Criminals Made Over $400mn In Crypto: Chainalysis Report

NEW DELHI: Russia is linked to the majority of ransomware and cyber attacks around the world. According to a new analysis, 74% of the money generated by such operations going to Russian-affiliated hackers last year.

According to a new analysis from cryptocurrency tracking and analytics firm Chainalysis, more than $400 million in bitcoin payments were made in 2021 to organisations “very likely to be associated with Russia.”

Analysts further alleged that “a massive quantity of crypto-currency-based money laundering” being routed through Russian crypto-companies.

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The research is part of Chainalysis’ 2022 Crypto Crime Report, which focuses on a dozen organisations with a presence in Moscow.

According to the research, there are three crucial criteria that indicate Russian involvement in such assaults.

To begin, their ransomware code is intended to prevent it from harming files if it detects the victim’s computers are in Russia or a Commonwealth of Independent States (CIS) country—an intergovernmental organisation of Russian-speaking, former Soviet republics.

Second, the gang communicates in Russian on Russian-language forums.

Third, the gang is tied to Evil Corp, an accused cyber-crime organisation wanted by the US.

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“A tremendous amount of cryptocurrency-based money laundering, not just of ransomware funds but of funds related with other forms of cybercrime as well,” Chainalysis writes in a blog post.

According to cybersecurity investigator Brian Kreb, Russia has a long history of being a refuge for hackers due to the country’s emphasis on coding instruction, computer sciences, and information technology education beginning in middle and high school. With few legitimate job opportunities for such competent professionals, many turn to cybercrime and crypto assaults to make a living. According to Chainalysis, it’s not unexpected that Russia leads the way in worldwide ransomware.

According to Chainalysis blockchain forensics and Web traffic statistics, after any form of ransomware assault happens, the majority of the extorted money are also laundered through services largely catering to Russian consumers.

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