Ransomware Gangs Made at Least $350 Million in 2020

Ransomware gangs made at least $350 million in ransom payments last year, in 2020, blockchain analysis firm Chainalysis said in a report last week. From a report: The figure was compiled by tracking transactions to blockchain addresses linked to ransomware attacks. Although Chainalysis possesses one of the most complete sets of data on cryptocurrency-related cybercrime, the company said its estimate was only a lower bound of the true total due. The company blamed this on the fact that not all victims disclosed their ransomware attacks and subsequent payments last year, with the real total being many times larger than what the company was able to view. But despite the low figure, Chainalysis says that ransomware was actually on the rise. According to numbers released in a previous report, ransomware payments accounted for 7% of all funds received by “criminal” cryptocurrency addresses in 2020.