- Ransomware attacks experienced a significant increase in 2023, culminating in the theft of an unprecedented $1 billion in cryptocurrency, as revealed by a recent Chainalysis report.
- Notable victims of these attacks encompassed a wide range of entities including individuals, institutions, media outlets, hospitals, airlines, and governmental organizations.
- Chainalysis highlighted the emergence of novel ransomware strains such as CL0P, which employed sophisticated "big game hunting" strategies to target corporations.
- To obscure the trail of illicit gains, hackers opted for mixers and cross-chain bridges over centralized exchanges (CEXs) for laundering funds, complicating the tracking process.

Blockchain hacks drained nearly $2 billion from decentralized finance (DeFi) protocols in the past year, as disclosed in a report by Chainalysis, a prominent blockchain security firm. However, a significant revelation within the same report points out that approximately $1 billion of cryptocurrency payments to hackers originated from ransomware attacks.
The escalation in ransomware attacks, reaching an unprecedented high in 2023, has caught the attention of cybersecurity experts. Chainalysis attributes this surge to the emergence of 538 new ransomware variants, with the notorious CL0P being the most prominent among them. The attackers adopted diverse strategies, including the "big game hunting" tactic to target major entities, like hospitals, media outlets, and government institutions.
CL0P, in particular, stood out for exploiting "zero-day vulnerabilities" to access victims' data, opting to publicly expose it instead of encrypting it. Other ransomware variants, such as Phobos, operated on a ransomware-as-a-service (RaaS) model, enabling cybercriminals to share profits with collaborators.
Chainalysis revealed the challenges in tracking and halting ransomware funds, as hackers employed cross-chain bridges, instant exchangers, mixers, and underground exchanges to obfuscate the source and destination of funds. In 2023, only 7% of ransomware payments were directed to centralized exchanges (CEXs), while the majority flowed into alternative platforms with lower Know Your Customer (KYC) requirements and reduced accountability.
The report underscores the need for the crypto community to address the rising threat of ransomware, emphasizing the complexity of criminal strategies and the importance of collaborative efforts in tracking and preventing illicit activities. The fluid movement of funds across different blockchains and platforms highlights the ongoing challenge for law enforcement agencies. As the crypto landscape continues to evolve, vigilance, research, and informed decision-making remain essential in navigating this volatile financial space.
Disclaimer: While Voice of Crypto aims to provide accurate and current information, readers are advised to conduct their research and make independent financial decisions due to the high volatility of cryptocurrencies. The platform is not liable for any missing facts or inaccuracies in the provided information.

#Rasomware #CEX #Chainalysis #cryptocurrency #Crypto2024

Blockchain analysis firm Chainalysis released a report discussing crypto adoption in Eastern Europe after the Russia-Ukraine war.

The report stated that global crypto usage has fallen by 22% in the last year.

Ukraine and Russia lost $35.8 billion and $41 billion, respectively, in crypto transaction volume.

Blockchain analysis firm Chainalysis recently published a crypto adoption report in Eastern Europe discussing the rise in transaction activity despite the Russia-Ukraine war. The publication highlighted that Eastern Europe ranks fourth-largest, having accumulated $445 billion in on-chain value from July 2022 to June 2023, representing 8.9% of the global transaction activity.

Next, we look at Eastern Europe, and examine how the Russia-Ukraine War has impacted crypto adoption over the last year. https://t.co/uFw6aErRDp

— Chainalysis (@chainalysis) October 18, 2023

According to the article, raw transaction volume declined by 22% over the past year, mirroring the global downturn during the same period. Additionally, Eastern Europe continues to grapple with the economic repercussions of the Russia-Ukraine War.

The region, which was earlier home to institutional-sized transfers, now witnesses stability in smaller institutional and retail transactions, according to the report. The shift could suggest that major crypto players have reduced their involvement during a crypto downturn, but other participants remain engaged. Simultaneously, DeFi activity has increased to 3%, reportedly influenced by regulatory uncertainty and market disruptions.

Moreover, the war triggered a year-over-year decline in transaction volume in both nations, with Ukraine’s at $35.8 billion and Russia’s at $41 billion. Grassroots adoption in both countries also decreased, causing them to slide two and four positions, respectively, on Chainalysis’ Global Crypto Adoption Index.

Meanwhile, Russian usage of major international exchanges plummeted by over 50%, likely due to restrictions placed on Russian users and banks in response to the war, according to the report. In July 2023, Russia announced it was making significant progress in launching its central bank digital currency (CBDC), known as the Digital Ruble.

The report mentioned that the decline in crypto volumes in Ukraine is a result of economic challenges stemming from the war. The report mentioned Ukrainian crypto business Kuna, which relocated its headquarters to Lithuania and shifted its focus to the European market. The company has introduced Kuna Pay, a B2B crypto payment solution with on and off-ramps, and is working on staking products and crypto custody solutions for Ukrainian banks, subject to regulatory approval.

The post Chainalysis Report Reveals 22% Decline In Global Crypto Usage appeared first on Coin Edition.

Blockchain analytics firm Chainalysis has debunked reports and analyses floating around in the media that inflate the role of cryptocurrencies in terrorism financing.

In a recent report geared toward correcting misconceptions regarding the use of crypto by terrorists to finance their operations, Chainalysis data revealed that digital assets play a minor role in the activity.

Correcting Misconceptions

Chainalysis pointed out that while some terrorist organizations, including Hamas, Jihad, and Hezbollah, raise and transfer funds using crypto, these transactions make up a small fraction of the already limited volume of illicit crypto transactions.

“Terrorism financing is a very small portion of the already very small portion of cryptocurrency transaction volume that is illicit,” Chainalysis said.

The report noted that terrorist groups have historically used traditional fiat-based methods like financial institutions, hawala, and shell companies as their primary financing channels and will likely continue.

Chainalysis emphasized that the transparency of blockchain transactions makes it less suitable for terrorists, which is a major reason why Hamas stopped accepting Bitcoin donations. This transparency allows law enforcers to track the origin and destination of every transaction on the blockchain, a feat that is almost impossible to accomplish with cash transfers.

Addressing Wrong Estimation Methodologies

The report further addressed the flaws in analyzing crypto flows into terrorists’ accounts. Following the recent attack by Hamas on Israel, several reports on the estimated amount of crypto used to finance the group’s operations have surfaced.

However, Chainalysis stressed that estimates of crypto-related terrorism financing are often inflated when analysts include all transactions processed by intermediary service providers and not just those directly tied to terrorist groups.

The report warned that while large sums of crypto may appear linked to terrorists, a significant portion of these funds are unrelated. To improve anonymity, most service providers pool multiple transactions from different users. Thus, tracing such transactions can result in inaccurate estimates.

The report cited an example of a wallet linked to terror financing with about 20 suspected service providers as counterparties. On one of the counterparties, the firm discovered multiple transactions involving huge amounts of crypto, over $82 million.

Chainalysis pointed out that it would be wrong to conclude that all the funds were raised for terrorism financing. Upon further investigation, the analytics firm discovered that approximately $450,000 worth of crypto from the known terror-affiliated wallet was transferred through this counterparty.

The report also encouraged investigators to consider the role of service providers as they can facilitate the movement of terrorism-related funds, knowingly or unknowingly. Meanwhile, earlier this week, the Israeli government disabled over 100 Binance accounts potentially linked to Hamas.

The post Chainalysis Says Crypto’s Role in Terrorism Financing is Exaggerated  appeared first on CryptoPotato.

Despite #cryptoindustry being hit hard with layoffs in January, the past month has shown a significant slowdown in job cuts. According to reports, only 570 employees were let go in February, compared to over 2,900 in the previous month. Although a dozen companies were affected, the layoffs were mostly in the double digits, unlike the triple-digit layoffs seen in January at major exchanges such as Coinbase, Crypto.com, and Huobi.

The recent cuts were from #blockchain analytics firms and digital asset platforms, with Elliptic and Messari being the latest to cut 10% and 15% of their staff, respectively. However, the founder of Messari reassured the public that the cuts were due to restructuring and market challenges. Despite the job losses, the crypto industry remains dynamic and continues to attract new talent and investment.

Blockchain analytics companies Elliptic and #Chainalysis have recently announced layoffs as part of a strategic move to reduce operating expenses. Elliptic has laid off 20 employees, while Chainalysis has let go of 44 employees, primarily in sales. These moves come amid concerns about an extended recession, which has impacted the tech industry as a whole. 

Despite this, the blockchain industry continues to evolve and innovate, offering exciting opportunities for those looking to make a difference in the world of Web3. The tech industry has seen a decrease in layoffs in February, with a total of 24,572 employees laid off across 129 companies, according to layoff tracker Layoffs.fyi. 

While Web3 companies have been hit harder, due in part to concerns of tougher regulations and the correlation between Bitcoin and the stock market, the crypto industry remains resilient. 

However, some companies have had to make tough decisions in order to remain competitive, with a nonfungible token (NFT) company Dapper Labs and Ethereum-scaling platform Polygon Labs both undergoing internal restructuring and laying off around 20% of their staff. Despite these challenges, the Web3 space continues to offer exciting opportunities for those passionate about innovation and disruption.

February proved to be a challenging month for the cryptocurrency industry, with several major firms announcing staff cuts. Polygon, Dapper Labs, Immutable, Bittrex, Magic Eden, Fireblocks, Protocol Labs, and The Block all revealed reductions in their workforce, with Polygon cutting 100 jobs alone. 

Payments company Affirm also made headlines with the announcement that it would be winding down its crypto program, leading to a 19% staff cut. While the news may be concerning to some, experts like Kevin Gibson, founder of blockchain recruitment firm Proof of Search, believe that these companies are taking decisive action to streamline their operations and improve their overall competitiveness. 

Although the industry has experienced some turbulence, there are also signs that the pace of layoffs has slowed compared to the previous month. As the industry continues to evolve, it remains to be seen how these developments will impact the overall growth and success of the cryptocurrency ecosystem.

According to Jan, who closely follows the movements of boards and venture capital firms, many companies are bracing themselves for the worst in light of the 2022 results. However, the good news is that there have been fewer layoffs this month.

“Despite the challenging circumstances, companies are still committed to building outstanding products. However, with current teams already stretched thin, further layoffs could risk cutting into their muscle and hinder their ability to operate effectively.”

While the outlook may seem promising, Gibson, a leading industry expert, warns that the United States securities regulator could still cause more harm. Additionally, continued media coverage of the Sam Bankman-Fried and the FTX collapse is having a ripple effect on the public perception of the industry and may hinder mainstream adoption.

#crypto2023 #coingabbar

Chainalysis is the leading company in crypto assets-related crime investigations and customer protections

Collaboration will enhance transparency and trust of the unagi omnichain ecosystem  

The WEMIX Foundation has entered into a strategic partnership with Chainalysis, the blockchain data platform, to ensure high transparency and security for the unagi (Unbound Networking & Accelerating Growth Initiative) omnichain ecosystem that WEMIX is developing. 

Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Its data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.

WEMIX will screen wallet addresses, reduce potential exposure to illicit activity including money laundering, and run a comprehensive risk and compliance program through the Chainalysis data platform without impacting user experience. In addition, the network is proactively engaged with the Chainalysis Incident Response program so that if an incident such as a hack were to occur, it will be positioned to trace and recover stolen funds immediately.

The two parties will collaborate to secure storing and trading of assets so that the transparency and reliability of the WEMIX3.0 mainnet and unagi’s omnichain ecosystem can be heightened even further.

Editors’ Notes:

The WEMIX Foundation is dedicated to the decentralization, security and long-term growth of the WEMIX3.0 ecosystem.

unagi (https://unagi.io) aims to achieve cross-chain interoperability by building an omnichain connecting multiple blockchains that will facilitate the inter-chain flow of data and assets. 

Users can seamlessly conduct transactions, access dApps and protocols, plus manage and move assets between blockchains.

Unagi currently supports 8 blockchains (WEMIX3.0, Ethereum, Polygon, Arbitrum, Optimism, Avalanche, BNB Smart Chain, Kroma).

About WEMADE

A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Through its WEMIX subsidiary, WEMADE aims to accelerate the mass adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information.

The post WEMIX enters into strategic partnership with Chainalysis appeared first on Visionary Financial.

Chainalysis has released a preview of its report on crypto frauds in 2024, with particular attention to the explosive growth of Approval Phishing. In fact, in 2023 alone, 374.6 million dollars were stolen. 

But what is targeted approval phishing?

Chainalysis and crypto fraud: the report on the strong growth of approval phishing in the last two years

In a preview of its new “2024 Crypto Crime Report“, focusing on crypto fraud, Chainalysis discussed the strong growth that approval phishing has experienced in the last two years.

Targeted approval phishing scams are on the rise, with many fraudsters using romance scam tactics to trick victims into signing malicious TXs. We estimate victims have lost over $374M in 2023. Learn more in our first 2024 Crypto Crime Report preview https://t.co/5cRD7VgNrN

— Chainalysis (@chainalysis) December 14, 2023

“Phishing scams targeting approvals are on the rise, with many scammers using romantic scam tactics to trick victims into signing harmful TX. We estimate that victims have lost over $374 million in 2023. To learn more, check out our first preview of the Crypto Crime Report 2024.”

In practice, unlike other crypto scams, with targeted approval phishing, scammers induce the user to sign a harmful blockchain transaction. 

Specifically, the user’s signature gives the scammer’s address approval to spend specific tokens within their wallet, allowing them to empty the victim’s address of those tokens at their discretion. 

Usually, this technique involves three wallet addresses: 

that of the victim who signs the transaction with approval to the second address to spend their funds;

the second address which belongs to the phisher who will execute the transactions and transfer the funds to a third destination address;

the third address will be the one that contains the stolen funds. 

This technique of crypto fraud has seen an explosive growth in the last two years, with at least 374 million dollars suspected to have been stolen in 2023. 

Chainalysis and crypto fraud: the development of dApps is behind the growth of approval phishing

Chainalysis continues to describe the growing technique of approval phishing associating it with romance scams to convince victims to sign approval transactions.

And indeed, behind this strong growth of the last two years of this type of crypto fraud, there is the increase of decentralized applications (or dApps) that require approval signatures to authorize smart contracts. 

Specifically, dApps that use smart contracts, such as Ethereum, require users to sign approval transactions that authorize the dApp’s smart contracts to move funds held by the user’s address.

With this new habit introduced to the user, phishers insert themselves to forward their signature requests for approval of their transactions which are, instead, harmful. 

In the investigations conducted by Chainalysis, it seems that the peak of income for suspected approval phishing scammers occurred in May 2022. In numerical terms, the estimated amount of stolen funds through this crypto fraud for the entire year 2022 should be $516.8 million. 

Not only that, the study highlights that the most successful approval phishing address has likely stolen $44.3 million from thousands of victim addresses. 

Chainalysis and crypto fraud: tips to avoid falling into the approval phishing trap

Chainalysis, the blockchain data platform that provides software, services, and research, has also explored how to address the problem of crypto fraud resulting from approval phishing. 

Through its analysis scheme of the addresses involved in this technique, Chainlysis invites crypto-exchange compliance teams to monitor the blockchain. 

The goal is to identify phishing suspects with a strong exposure to associated destination addresses.

Not only that, more generally, the blockchain platform invites the entire industry to work to educate users not to sign suspicious approval transactions, or to have more awareness of what they are granting.

Phishing attacks and crypto crime

The phishing technique for crypto crime attacks is seeing its evolution. In fact, this romantic phishing scam with approval is added to other phishing techniques such as email campaigns. 

In this regard, last November, email phishing campaigns targeted OpenSea’s NFT marketplace and were aimed at both platform customers and developers.

In this case, while OpenSea has not been hacked in any way, users have received emails from a “fake OpenSea” containing harmful links. Users have reported everything on social media, showing evidence of it. 

On the contrary, however, the phishing attack that occurred in early September targeted Vitalik Buterin’s X account, the co-founder of Ethereum, and resulted in the theft of $700,000 from users.

And indeed, Buterin’s compromised X account was used to promote a fake commemorative NFT coin. Users were invited to mint these NFTs with a limited-time offer. 

Obviously, the provided link led to a phishing website that posed a significant threat to unsuspecting victims, using the “Pink drainer software” tool. 

Among the stolen goods, there was also the theft of a precious Crypto Punk NFT valued at 153 ETH, equivalent to $250,000 at that time. 

C1 Secondaries Fund, which has assets worth $500 million, is looking to invest in crypto firms such as Animoca Brands and Chainalysis as crypto markets continue their bullish momentum, according to a report in the Australian Financial Review.

The Silicon Valley and UAE-based fund is prepared to write $20 million to $50 million cheques to buy private holdings in crypto companies with a valuation of $300 million and above in their last funding round,  the Dec. 10 report citing a pitch deck.

Animoca Brands’ last capital raise sold shares at around $4.50. However, C1 Fund, whose co-founders include a former Coinbase executive, has offered to buy the shares at around $1.12, a price that's 75% below its most recent valuation, the Australian Fi. Meanwhile, the fund is also looking to buy Chainalysis shares at a 63% discount compared to its last capital raise. 

Related: Web3 firms to support ecosystem development through grants amid market uptick

The fund’s attempt to acquire stocks in the two companies follows a recent market uptick within the crypto space. In the first week of December, Bitcoin (BTC) surged past the $40,000 price point. This brought the market capitalization of the entire crypto space to over $1.6 trillion. The asset currently hovers at just under $42,000 at the time of writing. 

Apart from crypto assets, nonfungible tokens (NFTs) have joined the market surge. On Dec. 8, a report by DappRadar showed that NFT trading volume went near $1 billion in November. The increase in volume suggests that there’s a shift in user behavior compared to earlier months. In November, the average value of NFT transactions also climbed from $126 to $270.

Magazine: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis

Coinspeaker KPMG Canada Partners with Chainalysis to Combat Crypto Fraud

The KPMG Canada has announced a strategic partnership with blockchain analytics firm Chainalysis in response to the escalating threats of exploits and fraud within the crypto sector.

Kunal Bhasin, Partner and Cryptoassets and Blockchain Co-leader at KPMG Canada, emphasized that “this collaboration will help to further solidify KPMG’s expertise in forensic investigations and cryptoassets and blockchain technology.”

The KPMG Canada and Chainalysis Approach

As the digital assets ecosystem expands, so does the threat of fraud and criminal activities. The decentralized and pseudonymous nature of blockchain technology has made it an attractive platform for illicit activities such as money laundering, ransomware attacks, and fraud.

Companies operating in the digital assets space face the daunting task of safeguarding their platforms and transactions against these evolving threats. According to the Chainalysis 2023 Crypto Crime Report, crypto-based illicit transaction volume reached an unprecedented $20.6 billion last year.

Notably, the sector faces increasingly sophisticated threats, such as wallet hacks and SIM swaps. A recent high-profile incident saw crypto exchange Poloniex lose approximately $114 million when hackers targeted its hot wallets. besides Poloniex, other platforms have also suffered one form of exploit or the other in the past year.

In response to these escalating threats, KPMG, a renowned global consulting giant, is leveraging its expertise to fortify the defenses of companies operating in the crypto ecosystem. Through this strategic partnership, KPMG aims to provide comprehensive solutions to identify, prevent, and mitigate fraud risks associated with digital assets.

The collaboration is not only geared towards preventing fraud but also towards ensuring regulatory compliance within the digital assets sector. As governments around the world grapple with developing appropriate regulations for the growing crypto market, companies face the challenge of aligning their operations with evolving compliance standards. The collaboration, therefore, seeks to improve their Anti-Money Laundering (AML) compliance processes.

Industry-Wide Collaboration against Crypto Fraud

Meanwhile, the announcement of KPMG Canada’s partnership with Chainalysis coincides with broader industry efforts to tackle fraud associated with crypto. Mastercard Inc (NYSE: MA), in a recent report, revealed its partnership with Feedzai, a regulatory technology platform that employs Artificial Intelligence to combat online money laundering and financial fraud.

Through this collaboration, Feedzai will integrate with Mastercard’s CipherTrace Armada platform, monitoring transactions from over 6,000 crypto exchanges for potential fraud, money laundering, and other suspicious activities.

Remarkably, KPMG Canada has been actively involved in the crypto sector, showcasing its dedication to embracing emerging technologies. Last year, the firm entered the metaverse by establishing its first collaboration hub between its US and Canadian units.

Additionally, KPMG added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet, demonstrating a forward-looking approach to incorporating digital assets into traditional financial strategies. The firm also ventured into the realm of Non-Fungible Tokens (NFTs), purchasing digital art from the World of Women (WoW) NFT collection.

next

KPMG Canada Partners with Chainalysis to Combat Crypto Fraud

Quick take:

C1 Secondaries Fund wants to purchase shares of Animoca Brands at a discount of 62% as per the latest valuation of the stock.

The crypto fund is also eyeing a 63% discounted stake in Chainalysis as per the company’s last valuation.

Although crypto prices have bounded back in the past few months, Web3 funding has continued to fall.

C1 Secondaries Fund, the crypto firm founded by a former Coinbase executive is hunting for bargains in the Web3 space. According to the Australian Financial Review report citing DealStreet Asia, the $500 million crypto fund has identified Animoca Brands and Chainalysis as potential opportunities as it prepares to capitalise on the current market conditions.

C1 Secondaries is prepared to write checks of about $20 million to $50 million to acquire private stakes in companies valued at least $300 million based on their most recent funding rounds. The firm looking for discounts of up to 80% on leading Web3 companies. 

Animoca Brands recently announced an $11.88 million second tranche for its Web3 loyalty project Mocaverse, bringing the total raised to $31.88 million. According to the announcement, the funds were raised by issuing new ordinary shares at a price per share of A$4.50 (~US$2.95). Therefore, buying Animoca Brands shares at $1.12 would represent a  discount of about $62%. The report also indicates that the firm is eyeing a 63% discount on the shares of crypto analytics firm Chainalysis.

C1 Secondaries Fund is capitalising on a rare opportunity where, despite the recent rebound in crypto prices, Web3 funding is still declining. The Bitcoin price has recently rallied to trade above $44,000, while Ethereum topped $2,350. Even with Monday’s sharp pullbacks the trajectory still indicates a bullish crypto market.

On the other hand, Web3 funding has continued to decline over the past several quarters. With just three weeks remaining to wrap up the fourth quarter, Web3 startups have raised $916 million according to CrunchBase’s Web3 tracker. It is unlikely the figure will surpass the $1.3 billion raised in Q3.

These are unique circumstances for Web3 VCs as startups are desperate for funding to take advantage of the recovering market.

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The post C1 Secondaries Fund Eyes Bargain Opportunities in Leading Web3 Companies appeared first on NFTgators .

According to CoinDesk, blockchain analytics firm Chainalysis has stated that reports of tens of millions of dollars in cryptocurrency funding Palestinian operations in Israel are likely overstated. In a blog post, the company argued that the flows of crypto financing to Hamas and affiliated groups have become inflated far beyond reality. Chainalysis emphasized the importance of understanding how such funding actually works to avoid misconceptions.

Last week, the Wall Street Journal reported that Palestinian Islamic Jihad received $93 million in crypto between August 2021 and June 2023, while Hamas received about $41 million in the same timeframe. Critics of the report argued that it was not clear whether the funds were actually reaching terrorists and that crypto financing was small compared to state-funded support, particularly from Iran.

Hamas announced in April that it was suspending crypto fundraising due to the risk it posed to its collaborators. Chainalysis highlighted the transparency of blockchains as a disadvantage for actors attempting to operate secretly, stating that cryptocurrency is not an effective solution to finance terrorism at scale.

The debate around crypto financing of terrorism is relevant to ongoing policy discussions in the U.S. regarding money laundering controls. Senators Elizabeth Warren and Roger Marshall cited the Wall Street Journal's reporting on Hamas financing in an op-ed, both being sponsors of the Digital Asset Anti-Money Laundering Act, which aims to increase reporting requirements on crypto transactions to combat money laundering.

Chainalysis claimed that the inflated estimates cited by the Wall Street Journal likely count all flows going to service providers suspected of involvement in terror financing, but this does not necessarily mean the funds reached wallets controlled by terrorists. The company is currently working to produce more accurate estimates for crypto flows to groups behind the Israel attack.