Report links 74% of ransomware revenue to cryptocurrency platforms based in Russia.
The growing popularity of cryptocurrencies has placed Russia among the leaders in adoption. But while it is yet to reach the top of the ranking, the country already has a “disproportionate share” of global activity related to some forms of crime involving cryptocurrency, according to a new study by Chainalysis.
Overall, roughly 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to strains we can say are highly likely to be affiliated with Russia in some way. Platforms operating mainly on the Russian crypto market launder the bulk of extorted funds, the U.S.-based company further alleges, citing web traffic data as well. An estimated 13% of the funds sent from ransomware addresses to the service providers went to users believed to be residing in Russia. These crypto laundering activities exceed those in other regions, the authors note.
According to Chainalysis, dozens of cryptocurrency businesses facilitating the laundering of illicit funds are headquartered in, or operate out of, the Russian capital’s financial district, Moscow City. Several of those are thought to have processed a substantial number of transactions originating from addresses linked to crime.
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