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FinCEN Claims Over 5 Billion Dollars Bitcoin Transactions Were For Ransomware

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Oct 20, 2021

Major financial crimes reporting authority of the US namely FinCEN has suspected that US$ 5 Billion funds transacted in the form of Bitcoins were actually part of the different kinds of ransomware. The authority also noticed that each month at least US$ 67 Million have lost to ransomware. However, most of these funds were lost in the first and second quarters of year 2021. FinCEN also noticed that the most preferred crypto of ransomware attackers is Bitcoin.

FinCEN is the US’s top authority when it comes to reporting, identifying and preventing financial crimes in the US. The authority is keeping a very close watch also on the activities going on in the digital asset industry. Particularly, it has been noticing the surging instances of ransomware attacks in the US.

A latest report on the issue of ransomware attacks has been published by Finance. In this report, FinCEN has made a claim that more than US$ 5 Billion have been lost to the ransomware attackers this year. It said that it has come across suspicious crypto transactions involving Bitcoin in which funds have been transferred. However, looking at the source of funds and their ultimate beneficiaries, there is certainly something suspicious noticed by FinCEN.

It was revealed by FinCEN that there is a lot of suspicious activity going on in the digital asset sector. Every month, there has been a loss of more than 67 million dollars caused by the ransomware attackers. The authority also took note that most of these funds i.e. 5 billion were plundered in the first and second quarters of 2021.

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According to FinCEN, there were more than 458 numbers of crypto transactions which were reportedly ransomware. In addition, there were more than 635 reports that were lodged before the concerned authorities. One of the most high profile ransomware attacks was the incident which was caused upon Colonial Pipeline.

Colonial Pipeline is an American oil company which unfortunately met a hack attack. It was reported at the time that Colonial Pipeline was asked to pay the ranswomware, which the company did. But officially the company and its officials denied having paid any money to the ransomware attackers.

By Jarretera – shutterstock.com

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