A growth in malware in 2021 has also caused an increase in Monero utilization as a payment option, as more illegal groups desire solely XMR.
According to a new analysis by bitcoin intelligence firm CipherTrace, confidential bitcoins such as Monero are playing an increasingly important role in the tidal wave of malware.
“Latest Tendencies in Ransomware” focuses on trends found in 2021, but it was only newly released. From 2020 to 2021, there was a nearly 500 percent spike in “double extortion” ransomware assaults, according to the business. These are vulnerable to hackers in which threat actors steal and encode a victim’s sensitive information.
The research reflects similar results from the data firm Chainalysis, which stated that total ransomware crypto transactions surpassed $600 million over time.
According to the updated information, the year before saw an increase in claims for ransom payments in Monero (XMR), with hackers attaching premiums varying from 10% to 20% for amounts paid in Bitcoin (BTC). According to the report, at least 22 ransomware outbreaks (of a total of more than 50) only accept XMR transactions, while at least seven of those allow combined BTC and XMR.
“Ransomware actors are very much likely to see greater BTC pricing as a compensation for coping with the additional danger of using an easily detectable coin like BTC.”
The report mentioned Everest Group, a Russian-speaking ransomware organization that is alleged to have penetrated the US administration in October of that year. Everest Ransomware is “now attempting to sell the data for $500,000 in XMR,” as per CipherTrace.
Another case is the Russian DarkSide gang involved in the May 2021 hack on the US Colonial Pipeline. The ransom could be delivered in any XMR or BTC, however, the latter was more expensive.
Only in early 2020 did the REvil ransomware organization shift from seeking BTC to XMR payouts.
Monero is privacy-focused crypto that uses various techniques such as mixers, ring signings, and stealth identities to conceal transmitting wallet addresses. As a result, it has become the principal resource of options for individuals seeking ransoms.
As a result, specific markets in countries such as the United Kingdom and Japan have blacklisted Monero and other highly confidential cryptocurrencies such as Dash and Zcash.
The Monero network will be forked in July to improve its safety and confidentiality.
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