New analysis suggests that 74% of all money made through ransomware attacks in 2021 went to Russia-linked hackers.
Researchers say more than $400 million worth of crypto-currency payments went to groups “highly likely to be affiliated with Russia”.
Russia has denied accusations that it is harbouring cyber-criminals.
Researchers also claim “a huge amount of crypto-currency-based money laundering” goes through Russian crypto-companies.
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Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity
Russia is a leading country in cryptocurrency adoption, placing 18th overall on our Global Crypto Adoption Index. But the story of Russia’s cryptocurrency usage isn’t entirely positive. Individuals and groups based in Russia — some of whom have been sanctioned by the United States in recent years — account for a disproportionate share of activity in several forms of cryptocurrency-based crime.
In this section, we’ll delve into two intertwined areas of Russia’s crypto crime ecosystem that, together, have serious implications for cybersecurity, compliance, and national security: ransomware and money laundering.