Russian-Speaking Actors Dominate Cryptocurrency Cybercrime, Report Finds

IconCryptoNewsTerminal Staff02 Aug, 2024

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Russian-Speaking Actors Dominate Cryptocurrency Cybercrime, Report Finds

Russian-speaking actors are the most prolific cryptocurrency-related cybercriminals, according to a new report from blockchain analysis firm TRM Labs. The report states that crypto-related cybercriminal activity includes crimes like darknet drug sales, illicit cryptocurrency exchanges, and ransomware scams. Russian-speaking ransomware groups were responsible for at least 69% (approximately $500 million) of the total ransomware cryptocurrency proceeds last year. Additionally, 95% of the illicit narcotics traded on the darknet last year originated from Russian-speaking darknet marketplaces. Much of the illicit funds associated with these cybercrimes flow through the Russian cryptocurrency exchange Garantex, with over 80% of cryptocurrency transaction volume from sanctioned entities passing through the exchange.

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