FinCEN Concerns on $5 Billion in Ransomware Payments

FinCEN Concerns on $5 Billion in Ransomware Payments

  • Ransomware payments will be higher in 2021 than 2020.
  • First half of 2021 alone accounts for $490 million.
  • SARs alos reports $5 Billion transactions suspicious of ransomware.

The blackmail of the crypto industry, the ransomware attacks upon payments if profusely on the rise. With many crypto wallets and blockchains are on the constant flight against the ransomware attacks, many attain to be victims though.

 Despite all efforts and secureness still, certain loops upon the platform’s blockchain results in such attacks. In spite of this, ransomware based payments are completely on the rise, says the Financial Crimes Enforcement Network (FinCEN).

FinCEN’s Reports

According to the FinCEN’s report on the status of ransomware payments, the total value is abruptly on the rise compared to last year. 

Also, the report from FinCEN states that the first half of 2021 has alone witnessed about $490 million through ransomware payments. 

On the contrary, the total of last year only amounted to about $416 million alone. Moreover, now it has become highly controversial whether crypto payments are any safer than traditional fiat payments. 

In spite of this, the ransomware attackers now demand payments through certain anonymous enabled cryptos like the Monero (XMR)

Moreover, the attackers are now switching instantaneously between different crypto wallet addresses and crypto exchanges, making it hard for the law enforcements to corner them.

OFAC’s Rules

 Besides the increase of ransomware attacks, the Office of the Foreign Assets Control (OFAC) states that certain rules and regulations deployed have to be followed for all persons in the U.S who are currently holding digital assets. 

Accordingly, the person holding the assets must deny and block all the other parties access to their wallets. In addition, they should oblige further more rules and regulations devised by the OFAC in order to mitigate the risks. 

The Suspicious Activity Reports (SARs) pulls out statistics mentioning ransomware payments of about %5.2 Billion. Though this is actually based on their list of suspicious transactions anyways. 

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