"FinCEN analysis of ransomware-related SARs filed during the first half of 2021 indicates that ransomware is an increasing threat to the U.S. financial sector, businesses, and the public," said the financial department of the United States via its official report.
On the other hand, FinCEN said that it was able to identify a total of 177 CVC or convertible virtual currency wallet addresses used for payments linked to ransomware attacks.
$5.2 Billion Crypto Transactions Linked To Ransomware
According to Bleeping Computer's latest report, FinCEN discovered the $5.2 billion ransomware-related crypto transactions after it analyzed more than 2,184 Suspicious Activity Reports (SARs) between January 2011 and June.
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On the other hand, the U.S. Treasury Department's Financial Crimes Enforcement Network also stated that the ransomware-linked transactions were mostly Bitcoin (BTC) payments.
FinCEN added that the monthly average ransomware transactions during its analysis' period were $66.4 million, while the median average was $45 million.
In 2021, the government agency also explained that the total value of ransomware-related SARs increased by $590 million during the first six months, exceeding the recently recorded transactions of $416 million back in 2020.
These crypto transactions are believed to be connected to Conti, DarkSide, Avaddon, Phobos, as well as the Russian-linked REvil ransomware gang.
US Treasury Now Wants Crypto Companies' Assistance
Since crypto transactions are now being used in various ransomware attacks, the U.S. Treasury now wants blockchain companies to help them prevent ransomware payments, as reported by Market Insider.
Authorities stated that crypto firms also have a growing responsibility to sanction evaders and prevent ransomware transactions. This is the first time that the U.S. Treasury department reached out to blockchain companies for help.
For more news updates about crypto transactions for ransomware and other similar topics, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
