• Crypto crime near $2B 2020
    Cryptocurrencies,  Regulation

    Crypto crime near $2B in 2020, but still down 57% from 2019

    Blockchain analytics firm CipherTrace’s annual report said DeFi became ‘the next major threat vector for fraud and money laundering.’

    One reason for that decline is that while the number of incidents of thefts, hacks, and fraud remained largely the same, the take by criminals in 2019 was 160% higher than in 2020. This indicates growing “maturity in the crypto space as entities continue to harden systems and take precautions against inside and outside threats,” the report said.

  • ransomware grows criminalize paying
    Bitcoin,  Regulation

    As ransomware take explodes to $350M, UK expert says criminalize paying

    Former U.K. National Cyber Security Centre head Ciaran Martin calls for a payment ban as Chainalysis reveals 2020 was ransomware’s best year ever, up 311%

    Martin said that insurers have effectively funded organized crime by paying out claims to clients who paid ransoms to regain access to their data after being locked out by the hacker gangs.

  • Foxconn hackers demand $34M BTC
    Cryptocurrencies

    Foxconn ransomware hackers demand $34M BTC

    The cybercriminals claim to have encrypted about 1,200 servers, stolen 100 GB of unencrypted files, and deleted 20-30 TB of backups at a Foxconn facility in Mexico

    A Foxconn facility in Mexico suffered a ransomware attack over the Thanksgiving weekend. As part of the attack, cybercriminals stole unencrypted files before encrypting them to render them inaccessible to the victims. We are working with technical experts and law enforcement agencies to carry out an investigation," the company said. "The system that was affected by this incident is being thoroughly inspected and being brought back into service in phases.”