The report states that “illegal and risky” blockchain addresses account for 29% to 48% of all funds received by these cryptocurrency businesses in any given quarter. The firm says that total traffic in a quarter including legitimate crypto transactions can sometimes exceed $100 million (approximately Rs.7,510 crore).
Chainalysis said in a blog post, “Not only ransomware funds, but large amounts of funds linked to other cybercrime-based money laundering are carried out through multiple services with substantial operations in Russia.”
Citing cybersecurity investigator Brian Kreb, the report said that Russia’s focus on teaching coding training, computer science and information technology to students from middle and high school could help the country’s hackers. There is a long history associated with In such a situation, skilled students getting jobs that pay less than their skills, is pushing many of them towards cybercrime and crypto hacking. Chainalysis states that given such systems, it should come as no surprise that Russia is at the forefront of global ransomware.
Not only is Russia leading the way in ransomware attacks, but Chainalysis blockchain forensic and web traffic data show that most ransomware attacks result in money or funds being laundered through a service primarily aimed at Russian users. Reports suggest that most hackers operate from Federation Tower in the city of Moscow.
Federation Tower is a complex in the center of Moscow City and is considered one of the most popular buildings in Russia. The Bloomberg report says that the complex houses the headquarters of several large businesses, which together are carrying out cybercrime.<!–
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