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According to a report, this number is 42% higher than the number reported for the full year of 2020.
According to a report released on Friday, financial institutions reported US$590 million in ransomware-related payments to US authorities in the first half of 2021. With the boom in online ransomware, the rate has surpassed the sum of the past ten years.
According to a report by the US Treasury Department, this figure is 42% higher than the figure reported for the full year of 2020, due to a surge in costly and debilitating attacks.
“If the current trend continues, it is expected that the value of transactions related to ransomware (reports) submitted in 2021 will be higher than the sum of the (reports) submitted in the previous 10 years,” said the Ministry of Finance.
The attack involves breaking into the entity’s network to encrypt its data and then demanding a ransom, usually paid in encrypted currency in exchange for a digital key to unlock it.
Washington tried to combat the sharp rise in attacks, including sanctions on an online exchange that allegedly illegal operators exchanged cryptocurrency for cash.
Recent attacks on major U.S. oil pipelines, meat processing plants, and the Microsoft Exchange e-mail system have raised concerns about the vulnerability of U.S. infrastructure to digital piracy.
According to the Ministry of Finance, the average amount of ransomware transactions reported per month in 2021 was US$102.3 million, with REvil/Sodinokibi, Conti, DarkSide, Avaddon and Phobos being the most popular ransomware reported.
In order to prevent the use of cryptocurrency to pay for ransomware requirements, the Treasury Department stated that the crypto community has a responsibility to ensure that they do not “directly or indirectly” help facilitate transactions prohibited by U.S. sanctions.
According to its new guidelines, the virtual currency industry is playing an increasingly important role in preventing blacklisted people from using virtual currency to evade sanctions.
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