United States Department of Homeland Security investigators say they’ve thwarted hundreds of ransomware cyberattacks, often before they occurred, and have seized billions of extorted crypto since 2021.
US agencies were the top targets, accounting for 21% of the disrupted hacks, more than any business sector, Mike Prado, the deputy assistant director of the Homeland Security Investigations (HSI) Cyber Crimes Center, told Bloomberg in an Oct. 4 <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/newsletters/2024-10-04/cyber-cops-stopped-500-ransomware-hacks-since-2021-dhs-says" rel="noopener noreferrer nofollow" target="null" text="null" title="null">report</a>.
The division has disrupted 537 <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/8-most-common-cyberattacks-and-how-to-prevent-them" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ransomware attacks</a> since it was formed in 2021 and has traced and seized $4.3 billion worth of crypto from exchanges and hackers’ devices that had been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-ransomware-akira-42-m-250-victims-fbi" rel="noopener noreferrer nofollow" target="null" text="null" title="null">stolen through extortion payments</a>.
<figure><img alt="DHS says it thwarted more than 500 crypto ransom attacks in 3 years" src="https://s3.cointelegraph.com/uploads/2024-10/01926512-5833-7a3d-8b4c-0c683e81fbc3" title="">
 <figcaption style="text-align: center;">
 
 Ransomware attacks often involve a scammer compromising and encrypting a user’s data and then asking for payment in return for the decryption key. Source: Akamai
 </figcaption>
</figure>
According to Prado, HSI is taking a proactive approach to disrupting ransomware attacks by “keeping a finger on the pulse” of cybercrime and the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/pig-butchering-crypto-scams-how-to-combat-them" rel="noopener noreferrer nofollow" target="null" text="null" title="null">constantly evolving tactics</a> used by criminals.&nbsp;
Agents analyze internet traffic, look for signs of malicious activity and monitor software vulnerabilities that ransomware gangs could use to exploit an organization’s security.&nbsp;
The goal is to discover when attacks are about to happen, in some cases before the breach occurs, and to prevent it.&nbsp;
As a result of these actions, Prado says there are several “groups that we have our eyes on,” with gangs outside of the US “continuously probing ways to obtain cryptocurrency.”
Still, he said the approach can be a double-edged sword, as building a case against hackers whose attacks are blocked by HSI can be difficult.&nbsp;
If an attack is imminent, Prado says HSI notifies government agencies, companies and other potential victims while coordinating with agents across 235 field offices in the US, local police departments and other federal agencies.
<h2 id="strong-ransomware-attacks-on-the-rise-strong">Ransomware attacks on the rise&nbsp;</h2>
In its Aug. 15 Crypto Crime Mid-year Update, Chainalysis <a data-ct-non-breakable="null" href="https://www.chainalysis.com/blog/2024-crypto-crime-mid-year-update-part-1/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">found</a> ransomware inflows have increased by 2% in 2024, from $449.1 million to $459.8 million. In 2023, $1 billion in <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ransomware-payments-surpass-1-billion" rel="noopener noreferrer nofollow" target="null" text="null" title="null">crypto ransomware payments were recorded</a>.&nbsp;
The maximum payment size has surged 96% from 2023 and 335% from 2022.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ransomware-attack-targets-victoria-beckhams-personal-data" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Ransomware Attack Targets Victoria Beckham’s Personal Data</a>
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chainalysis-crypto-hack-ransom-rise-2024" rel="noopener noreferrer nofollow" target="null" text="null" title="null">blockchain analysis firm suggests</a> scammers are collecting larger payments from victims. Median ransom payments spiked from under $200,000 in early 2023 to $1.5 million by June 2024.
<figure><img alt="DHS says it thwarted more than 500 crypto ransom attacks in 3 years" src="https://s3.cointelegraph.com/uploads/2024-10/01926513-7bf1-77da-a710-2f9285310d2a" title="">
 <figcaption style="text-align: center;">
 Ransomware payments doubled in 2023 from 2022. Source: Chainalysis
 </figcaption>
</figure>
In July, Chainalysis also <a data-ct-non-breakable="null" href="https://x.com/chainalysis/status/1818324083873853734" rel="noopener noreferrer nofollow" target="null" text="null" title="null">clocked</a> the most significant single ransomware payment ever recorded, with a group known as Dark Angels receiving a $75 million payment from a victim.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/satoshi-nakamoto-bitcoin-creator-xrp-ripple-ftx-crypto-exchange-hodlers-digest/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Will Satoshi be doxxed? Banks to join SWIFT digital asset trials and more: Hodler’s Digest, Sept. 29 – Oct. 4</a>

DHS says it thwarted more than 500 crypto ransom attacks in 3 years

Table of Contents

Cointelegraph

Other articles published on Oct 7, 2024

Qubetics Celebrates $1.15M in Presale Success as Binance Navigates New Opportunities: Chainlink a...

Discover the top 3 memecoins set for explosive growth

TradFi Veteran Shunyet Jan Joins Bybit as New Head of Derivatives Business (7 Oct)

These Viral Meme Coins Soar by Double Digits as Bitcoin Breaks Above $63K: Details

ELONMAN Solana Memecoin Will Skyrocket 14,000% Ahead of Exchange Listing, As SHIB and BONK Lag

Binance Labs’ Recent Investment: What is OpenEden?

Join our free newsletter for daily crypto updates!