Governments worldwide to crack down on ransomware payment channels

LASER_oneXM

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Feb 4, 2016
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Blocking ransomware gangs' abuse of cryptocurrency​

Publicly disclosed ransomware payments have reached almost $500 million worth of cryptocurrency globally during the last two years ($400 million in 2020 and over $80 million in Q1 2021).

Mitigating the abuse of virtual assets on a global scale would impact the business model and the main instrument used by the ransomware cybercrime groups to collect ransoms from their victims and launder the funds obtained in attacks targeting organizations around the world.

The Counter-Ransomware Initiative hopes to drain their funding and take down their operations by disrupting the ransomware groups' funding channels.