$5.2 billion worth of Bitcoin transactions linked to ransomware, coin nears all-time $64,800...


Posts: 52   +1
The big picture: Bitcoin has increasingly become an attractive option for laundering purposes, in addition to allowing many to make money through illicit means thanks to the largely unregulated technology it's based on. The U.S. government has recently started to pay more attention to the cryptocurrency space however, which has resulted in the revelation that approximately $5.2 billion in Bitcoin transactions have been linked to ransomware payments.

As detailed in a report released by the U.S. Treasury department's Financial Crimes Enforcement Network (FinCEN), transactions related to ransomware within the first 6 months of 2021 reached $590 million. The amount already exceeds the $416 million figure reported for 2020.

The mean average total monthly suspicious amount of ransomware transactions totalled $66.4 million, while the median average was $45 million. "FinCEN identified bitcoin (BTC) as the most common ransomware-related payment method in reported transactions," the report reveals.

A more interesting piece of information that was uncovered by the research is the fact that a massive $5.2 billion in transactions has been attached to outgoing Bitcoin ransomware-tied payments. That figure has been linked to the top 10 most common ransomware variants.

The FinCEN investigation discovered the figure by examining 2,184 suspicious activity reports (SARs) filed during the last decade, between January 2011 and June 2021. 68 ransomware variants were identified, with REvil/Sodinokibi, Conti, DarkSide, Avaddon, and Phobos being the most frequently reported perpetrators.

Related reading: The Evolution of Ransomware: How Did We Get Here?

Ransomware gangs have clearly been taking advantage of cryptocurrency to launder money through, but the U.S. Treasury has announced plans to clamp down on such activities. Last month, the department revealed its first-ever sanction against a cryptocurrency exchange.

Elsewhere, Bitcoin has reached a 6-month high by surpassing the $60,000 mark. As of writing, it moves close to all-time high price of $64,863 recorded on April 14, 2021.

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Squid Surprise

Posts: 5,306   +4,946
There is NO DOUBT crypto primarily exists to aid the criminal factions of the world. $5.2 billion is just the USA, it's MUCH higher worldwide. Fighting to keep crypto alive is akin to defunding the police!
I doubt it... as does most of the world... want to provide some evidence for this?

There are 18,749,318 bitcoins in existence...which accounts for about 1.2 trillion USD (assuming 64k per Bitcoin). I'm thinking that 5.2 billion is a pretty SMALL %... but hey, clearly math isn't nearly as accurate as your obvious knowledge...


Posts: 351   +452
There is NO DOUBT crypto primarily exists to aid the criminal factions of the world. $5.2 billion is just the USA, it's MUCH higher worldwide. Fighting to keep crypto alive is akin to defunding the police!
It’ll be interesting if law enforcement can take control of some crypto services and collect evidence for a big bust of criminal activity like they did with An0m messaging service. Anytime someone changes crypto for real currency in a bank account they will make a strong connection to their real identity?

Even a lot of the speculation ‘investment’ activity happening will involve tax evasion (most people probably aren’t declaring their capital gains)!

Squid Surprise

Posts: 5,306   +4,946
Here we go again...and the local defense force steps in right away. Only $5.2 billion dollars can be considered pocket change, so let's use that argument LOL. :joy:
The argument was that crypto exists solely to aid criminals... I would argue that's wrong... hence my reply... you got any evidence to add, or are you just going to spout nonsense?


Posts: 579   +707
US SEC is approving a Bitcoin ETF. That means green light for crypto to enter real economy. So, basically, the US is saying crypto is legit, why doubt it, right?


Posts: 1,107   +1,626
Great job to those organizations (and their insurers, who are even dumber), who have effectively hired $5.2 Billion worth of ransomware developers to ensure they'll be hit again and again.

Maybe next time invest that money in better mitigation and recovery options?


Posts: 981   +724
Climate modellers are having to up their resolutions to account for all these extreme weather events .
they were modelling for a 100 years - and lower resolution - say 100km by 100km - as a lot of data crunching - this flattens out extremes ( eg an intense peak will be averaged out over that 100km by 100km and likewise wider time period )

As more of these damaging events happen and get predicted - incredible pressure will be brought on BC and it's friends .
They may survive but need to move to things like proof of state - ie low energy use .
When the weather will kept you in you home like covid - 40 degrees/100F plus days/nights for upto a week at a time - plants dying as can't recover in the night - fish floating dead in the hot, low oxygenated water, acidified , algae laced . Freak floods. Tornadoes where there has never been any.

When the old are dying in huge numbers in poor countries due to heat stress.

No one will care about the rights of BC holders,
So unless it changes to low energy methods - sample the winds of change often

Cycloid Torus

Posts: 4,845   +1,665
$5.2B is enough for the law to pay some attention to the issue. First, they will study it - and probably find more funny money transactions, not less. Then, they can 'sound the alarm' and threaten 'to take steps'. The industry will be offered an opportunity to self-police and when that fails it will get well and truly regulated. Regulation should eliminate the anonymity, and likely the industry.


Posts: 333   +317
There is NO DOUBT crypto primarily exists to aid the criminal factions of the world. $5.2 billion is just the USA, it's MUCH higher worldwide. Fighting to keep crypto alive is akin to defunding the police!
You might be shocked when you find out how much money the US government wastes every year. Kinda makes you wonder who the REAL criminals are.