Bitcoin Casino: Monero Still Most Widely Used Ransomware Crypto

Bitcoin Casino: Monero Still Most Widely Used Ransomware Crypto

According to a new report by crypto and blockchain analytics firm CipherTrace, the increased use of privacy-oriented cryptocurrencies such as Monero, which are continuing to be a preferred payment option for criminals who launch ransomware attacks on civil and governmental infrastructure around the world, is a significant concern.

 

Ransomware hackers prefer Monero 

Monero has also become a priority for law enforcement in the United States, with the Securities and Exchange Commission of the United States gaining public contracts to create tracking tools that are specifically targeted at the cryptocurrency. Monero is capable of concealing its existence through the use of a variety of methods, such as ring signatures, mixers, and stealth addresses, which is frequently exploited by not only libertarians, but also illegal criminal organizations. According to CipherTrace’s “Current Trends in Ransomware,” which took stock of the problem throughout 2021 and reported a 500 percent increase in such attacks year-over-year, the necessity for such solutions may be even more urgent now. Between 2020 and 2021, there was a significant increase in the number of double extortion assaults, with the perpetrators encrypting victims’ data while also stealing it and selling it on dark web marketplaces.

Another data analytics company, Chainalysis, claimed in a serious study measuring how widespread the problem has become that cryptocurrency payments to ransomware groups have reached a record $600 million in 2021. Monero has been identified as a coin of choice by nearly half of all criminal organizations detected by CipherTrace to far. At least 22 people have requested payments in Monero, with several requesting payments in both Bitcoin and Monero at the same time.

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Making a trade-off between safety and greater profit

 

According to the US Secret Service, accepting Bitcoin poses concern since it makes it simpler for criminals to be tracked down. Compared to Bitcoin, Monero is more difficult to track since the “money trail” is obfuscated. Hackers and ransomware groups, on the other hand, are willing to trade safety for a bigger return. Someone looking to sell Bitcoin at an all-time high, for example, may be keen to do so at the current time. When one of the most dangerous ransomware groups, REvil, made the decision to switch from demanding bitcoin as ransom to demanding XRM as extortion, it drew the attention of President Barack Obama, who issued an official warning to governments that support the group.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.