$5.2 billion in BTC transactions tied to top 10 ransomware variants: US Treasury

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More than $5 billion in bitcoin transactions has been tied to the top ten ransomware variants, according to a report released by the US Treasury on Friday. 

The department’s Financial Crimes Enforcement Network (FinCen) and Office of Foreign Assets Control (OFAC) released two reports illustrating just how lucrative cybercrime related to ransomware has become for the gangs behind them. Parts of the report are based on suspicious activity reports (SAR) financial services firms filed to the US government.

FinCen said the total value of suspicious activity reported in ransomware-related SARs during the first six months of 2021 was $590 million, which exceeds the $416 million reported for all of 2020.

“FinCEN analysis of ransomware-related SARs filed during the first half of 2021 indicates that ransomware is an increasing threat to the US financial sector, businesses and the public. The number of ransomware-related SARs filed monthly has grown rapidly, with 635 SARs filed and 458 transactions reported between 1 January 2021

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