Chainalysis: Bitcoin ransomware is laundering funds through mining

Ransomware operators are increasingly using mining pools to launder illegally obtained assets, the report Chainalysis experts.

“Since the beginning of 2018, we have seen a significant and steady increase in the value sent from ransomware wallets to mining platforms,” the document says.

According to experts, attackers are trying to avoid the compliance tools used by trading platforms in this way. The share of pools in ransomware laundering volumes has already surpassed that of P2P platforms.

This happened against the backdrop of a decrease in the total income of bitcoin ransomware – in 2022 it fell by 40.3%. One of the reasons Chainalysis believes is the increasing frequency of attacks victims refusing to pay the ransom.

“Crypto mining is an important part of the industry, but it is especially attractive to attackers because it provides the opportunity to receive funds from a completely clean source on the network,” the experts emphasized.

To solve the problem, mining structures should implement wallet control measures, procedures KYC and use blockchain analysis to verify the origin of assets, they say.

Recall, according to Chainalysis, as of February 2022, criminal-controlled crypto wallets held assets worth over $25 billion.

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Ransomware operators are increasingly using mining pools to launder illegally obtained assets, the report Chainalysis experts.

“Since the beginning of 2018, we have seen a significant and steady increase in the value sent from ransomware wallets to mining platforms,” the document says.

According to experts, attackers are trying to avoid the compliance tools used by trading platforms in this way. The share of pools in ransomware laundering volumes has already surpassed that of P2P platforms.

This happened against the backdrop of a decrease in the total income of bitcoin ransomware – in 2022 it fell by 40.3%. One of the reasons Chainalysis believes is the increasing frequency of attacks victims refusing to pay the ransom.

“Crypto mining is an important part of the industry, but it is especially attractive to attackers because it provides the opportunity to receive funds from a completely clean source on the network,” the experts emphasized.

To solve the problem, mining structures should implement wallet control measures, procedures KYC and use blockchain analysis to verify the origin of assets, they say.

Recall, according to Chainalysis, as of February 2022, criminal-controlled crypto wallets held assets worth over $25 billion.

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