This Bitcoin Ransomware Rakes in $150 Million in BTC

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A new report from two cybersecurity companies found that a ransomware family is particularly successful, collecting over $ 150 million worth of Bitcoin. The ransom payments “sometimes run into millions of dollars and typically in the hundreds of thousands.”

Ransomware makes Bitcoin with $ 150 million

The Ryuk ransomware family has grossed $ 150 million in Bitcoin, according to a joint report by cybersecurity firms Advanced Intel and Hyas. “The Ryuk family of ransomware has been particularly successful economically and has had a disruptive impact on many industries around the world,” the report’s authors described, adding:

Our research included tracking payments with 61 deposit addresses associated with Ryuk ransomware. The Ryuk criminals send a large part of their Bitcoin to the exchanges through an intermediary in order to withdraw money.

The Ryuk ransomware family was first discovered in the wild in August 2018. The target audience is usually high-profile organizations, including hospitals and newspapers.

The report’s authors stated that “significant amounts of bitcoin are being shifted from the laundry service to the Binance, Huobi and crime markets that we have identified through traceable payments.” In addition to the two crypto exchanges, there are “significant cryptocurrency flows to a collection of addresses too small to be an established exchange and likely to be a criminal service that exchanges the cryptocurrency for the local currency or some other digital currency. “

In addition, the report notes that “Ryuk receives a significant portion of her ransom payments from a well-known broker who makes payments on behalf of the ransomware victims. These payments sometimes amount to millions of dollars and typically run in the hundreds of thousands. “

After tracking Bitcoin transactions for the known addresses that can be assigned to Ryuk, the authors estimate that the criminal company could be worth more than $ 150,000,000.

What do you think of this ransomware that brings in $ 150 million worth of Bitcoin? Let us know in the comments below.

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