SiGMA

Ransomware attacks skyrocket in Bitcoin-related crime

Added: Jan 26, 2021 12:37 Category: Deep Tech , Posted by
sw

Ransomware incidents increased by an astonishing 311% when compared on a year-on-year basis

Last year saw many companies adopt remote style working due to risks caused by the pandemic. Through this, hackers found new ways to penetrate companies.

Remote working has destroyed the safety barrier and this has resulted in a rise in cyber attacks especially in cryptocurrency transactions.

Furthermore, the rise in popularity and price of Bitcoin has also caused the cryptocurrency to be targeted by hackers.

According to a report by blockdata firm, Chainalysis, ransomware incidents skyrocketed by 311% when compared to 2019. The increase is mainly down to remote working and the safety barrier coming down.

Bitcoin3

Graph – Chainalysis report 2020

 

What is a Ransomware attack?
Ransomware is a form of harmful software which is designed to obstruct or prevent a user from accessing a computer system or data until a ransom is paid, often demanded in bitcoin. Popular ways to infect a company is through phishing emails or by an employee visiting an unsafe website.

On the brighter side, the report published by Chainalysis states that illegal activity only made up 0.34% of cryptocurrency transactions which is down 2% from 2019.

Bitcoin 2

This is an encouraging statistic as many people are wary of bitcoin due to its potential for misuse such as money laundering and terrorist financing. Criminals have looked to cryptocurrencies due to it being easy to send online instantly and its pseudonymous feature which can make it easy to track but authorities can not see who sent them.

According to the same report by Chainalysis, ransomware made up 7% of all crypto funds received by criminals. Even though it seems like a small amount, it was an increase of 311% when comparing year on year.

Graph – Chainalysis report 2020

 

The dark net, which requires specific software and authorisation to access, also made the list coming in second as it accounted for $1.7billion worth of cryptocurrency activity. This amount is an increase of 30% year on year.

The year 2020 was a historic year for bitcoin as the cryptocurrency smashed through many barriers, including the $30,000 hurdle on its 12th anniversary and later the $40,000 barrier.

Bitcoin’s popularity will continue to rise due to a number of financial institutions backing the cryptocurrency and it will be up to regulators worldwide to make sure that scams and illegal activity are mitigated as much as possible.

Watch the video below to understand the boom behind Bitcoin and how it works!

Source: Chainanalysis

SiGMA Group releases its latest publication

SiGMA is proud to announce that the 13th edition of SiGMA magazine is now available online here. The magazine is packed with quality content, interviews and features coming from four different continents around the world – including Europe, Asia, Africa and LatAm. The magazine will be distributed by post to leading gaming and business companies worldwide. Should you wish to be featured in the next issue please contact Katy Micallef.

Related Posts

BGaming releases Hawaiian-style slot Aloha King Elvis

BGaming launched the brand’s new slot Aloha King Elvis! The game is the sequel of the most popular game in the provider’s portfolio called Elvis Frog in Vegas

Cute Elvis Frog – the main character of the story – this time goes for vacation to the tropical islands full of summer vibes and melodic guitar rhythms. A beach Hawaiian party with Elvis as a headliner will be explosive and full of fun! Eye-catching graphic and bright colors along with upbeat music parts makes the slot juicy and truly hot! The game is already available at reputable casinos such as Crazy Fox, Playamo and others.

Skywind Group partners with colourful online casino innovators Casumo

Skywind Group is very excited to announce its latest partnership with “your favourite online casino” Casumo, who will introduce their players to Skywind’s content in Sweden, Germany and UK

Casumo is a hugely popular operator that has been an influential brand in the world of iGaming for nearly a decade. They were pioneers in gamification and one of the first online casinos to offer tournaments with their “Reel Races”. Their vast amount of games and the bright colorful product design, which many operators later mimicked, has given them mass appeal and loyal players.

IZIBET.com goes live with EveryMatrix’s turnkey solution

EveryMatrix is pleased to announce the relaunch of IZIBET, the online brand has been successfully revamped via EveryMatrix’s turnkey solution earlier this summer

IZIBET is managed by the IZI GROUP, a gaming group that successfully operates the famous Malta-based Dragonara Casino since 2010. IZI Group also manages the largest network of sports betting shops in Malta and now has taken the step to further expand its digital presence and offer players the opportunity to play from anywhere on IZIBET.com.