More and more ransomware groups are demanding payments in Monero (XMR) and charging a hefty premium for Bitcoin, which can be traced easier.
A new report by blockchain analytics firm CipherTrace highlights the growing role that privacy-focused cryptocurrencies such as Monero are playing in the rising tide of ransomware.
there was almost a 500% increase in “double extortion” ransomware attacks from 2020 to 2021. These are cyber attacks in which malicious actors steal a victim’s sensitive data in addition to encrypting it.that overall ransomware crypto payments topped $600 million for the period. “Higher prices for BTC are most likely seen by the ransomware actors as a premium for dealing with the increased risk in using an easily traceable cryptocurrency like BTC.”
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