A recent analysis from TRM Labs suggests that hackers who speak Russian dominate the ransomware industry, grabbing roughly 70 percent of the revenue from illegal crypto transactions in the year 2023.
A total of approximately $320 million has been accumulated by these organizations, which include ALPHV/BlackCat and Lockbit. While BlackCat/ALPHV targeted significant corporations such as MGM Resorts and Henry Schein, Lockbit targeted major organizations such as Boeing and the Royal Mail of the United Kingdom.
In addition, the research underscores the fact that the Russian exchange Garantex processed more than 80 percent of the sanctioned crypto transactions, despite the fact that it was subject to sanctions. This highlights the difficulties that are associated with controlling unlawful crypto activity.
More and more people are turning to cryptocurrencies as a means of evading sanctions, especially in light of the crisis between Russia and Ukraine. The adaptability of criminals to new technologies is shown by the fact that the United States authorities have blocked various Bitcoin and Ethereum addresses that have been tied to sanction evasion on several occasions.
Despite the fact that it stole one billion dollars worth of Bitcoin in 2023, North Korea continues to pose a huge danger. For the purpose of addressing the rising problem of crypto-related criminality and protecting global financial systems, the paper places an emphasis on the need of increased international collaboration and regulation.
Also Read: Sen. Lummis suggests that the United States government obtain 5% of the total Bitcoin supply
