FBI: Bitcoin Rise Has Strengthened Cybercriminal Networks a frequent occurrence, despite the best efforts of American law enforcement agencies to combat ransomware. The Federal Bureau of Investigation linked such results to the rise in the price of bitcoin and other cryptocurrencies, MarketWatch writes.
According to the government agency, the increase in the value of digital assets has helped to strengthen the networks of cybercriminals. “The frequency of reports of ransomware attacks has not decreased over the past six months. We attribute this to the simple fact that these [attacks] are incredibly lucrative for criminals. This is partly due to the cost of virtual currency, but it can also be explained by the vulnerability of our systems and infrastructure, ”said FBI Assistant Director of Cyber Department Brian Vorndran, speaking before the House Oversight and Reform Committee.
Using ransomware, hackers encrypt the victim's computer and charge a fee to restore access. Most hackers ask for a ransom in bitcoins, since they can be transferred to an anonymous wallet by specifying only the recipient's account. In 2021, the price of bitcoin increased by almost 300 percent – from 18 thousand dollars at the beginning of the year to the current level of 60 thousand dollars.
The hearing in the House of Representatives was held as part of the Congressional investigation of a series of hacker attacks on large American companies. In 2021, cybercriminals used ransomware to attack the financial corporation CNA Financial, the largest US pipeline system Colonial Pipeline, and the American division of the meat producer JBS.
As a result, CNA paid hackers a $ 40 million ransom in bitcoins, Colonial Pipeline gave criminals $ 4.4 million, and JBS gave $ 11 million.
The FBI managed to recover part of the ransom affected companies. In June, law enforcement agencies confiscated 64 bitcoins worth $ 2.3 million from criminals and handed them over to the Colonial Pipeline. In addition, in November, the US Department of Justice announced the arrest of the alleged members of the REvil hacker group – Ukrainian Yaroslav Vasinsky and Russian Yevgeny Polyanin. According to the US authorities, it was this association that carried out the attack on JBS, as well as a number of other large enterprises. $ 6.1 million was seized from Polyanin.