After the sorting of the data is completed, it is said that the total amount that is a collection from the value extraction due to the ransomware payments for crypto that were made in 2021 will actually rise above the levels that were seen in 2020. This will definitely lead to certain speculations in the world of cryptocurrency.
A particularly new report has managed to make the estimation that the payments from Ransomware have tallied to create about $602M in total in the year 2021. However, the actual valuation and the sum total could potentially be a lot higher than this estimate, according to Dash crypto news today.
The firm that deals with Blockchain analysis these days are known as Chainalysis has collected and released new information on the 10 of February regarding the different activities going on in the ransomware section that is related to cryptocurrency in the year 2021. It made a particular statement that the total value that is actually derived from the valuation will surpass the $692 M that had been collected in the year 2020.
“In fact, despite these numbers, anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that of the first half of 2020, suggests to us that 2021 will eventually be revealed to have been an even bigger year for ransomware.”, according to Chainalysis.
The ransomware payment on average has actually managed to reach a pretty huge record such as $118,000 in the previous year of 2021. Hence, there is basically a proper 26% increase and elevation from the eighty-eight thousand dollars that was found in the year 2020.
According to Chainalysis, the reason can be attributed to the larger game hunting scenario in the world and hence the large average payment size that took place. The strategy of game hunting in a large manner which was employed by the different strains of ransomware was responsible.
Last year also had the highest amount of active ransomware strains than any other year on records. At least 140 strains received crypto payments, which is 21 more than in 2020 and 61 more than in 2019. Conti had the ransomware that was the most active strain in 2021.
It tapped off nearly $200 million in value through cryptocurrency in 2021. Conti, thought to be based in Russia, is a ransomware syndicate that sells its program as a service to affiliates for a fee.
Darkside followed very closely behind Conti by extracting nearly $100 million in crypto value. Darkside is the organization that held the Colonial Pipeline hostage last year and demanded ransom be paid in Bitcoin (BTC).
Although the report states that most ransomware strains come and go in waves, staying active for a short amount of time before becoming dormant, Conti was active throughout the entirety of 2021. More commonly, ransomware groups will halt operations then reopen under a new name.
The trend to rebrand caused the average strain in 2021 to last for only 60 days, which is 2.8 times lower than in 2020, when the average was 168 days.
Chainalysis concluded that while most ransomware attacks are financially motivated, others appear to have geopolitical goals focused on “deception, espionage, reputational damage and disruption of the enemy government’s operations.”
It showed that while there might be different benefits that can come forth with the use of cryptocurrency in the best way to execute certain attacks for ransomware, the transparent nature of the cryptocurrency transactions that take place will definitely make it a lot easier for the different authorities to keep a track on the funds that are being moved.