There is still an element of the crypto “Wild West” in 2020, as cryptocurrency stolen through hacks and ransomware attacks is still being cashed out on major exchanges around the world. Ransomware attacks have proved to be a lucrative cash cow for cybercriminals over the past few years, with the United States Federal Bureau of Investigation estimating that over $144 million worth of was stolen between October 2013 and November 2019.
A press conference held by the FBI in February revealed the huge amount paid out in ransom to attackers by victims that were desperate to regain access to their infected systems and data. Interestingly enough, attackers received the majority of ransoms in Bitcoin (BTC). More recently, researchers took a sample of 63 ransomware-related transactions, accounting for around $5.7 million of stolen funds, and found that over $1 million worth of Bitcoin was cashed out on Binance following a string of transactions across various wallet addresses.
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