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Ransomware is on the rise.

The Price Isn’t Always Right. Ransomware is on the Rise.

Ransomware continues to be a major cybersecurity challenge that impacts us all – from big industry to small businesses to individuals. In 2021, we analyzed trends in ransomware usage and bottled those up in our latest Current Trends in Ransomware Report. Here’s a snapshot of what you’ll find in the report: Double extortion ransomware increased…

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Best Practices for Reducing the Risk and Impact of Ransomware Attacks

In the wake of the Colonial Pipeline and JBS hacks, cybercrime and ransomware attacks continue to be top of mind for global corporations.  As consumer purchasing moved to online transactions (digital trade) during the COVID-19 pandemic, the incidence of cybercrime also grew.  FBI Director Christopher Wray recently compared the bureau’s shift to global ransomware threats…

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Blockchain Analytics—the Secret Weapon to Combatting Ransomware  

CipherTrace provides critical cryptocurrency intelligence to the Ransomware Task Force to trace the criminal actors that perpetuate this threat. Ransomware not only impacts individuals; it also targets healthcare, education and even tech giants like Apple.  Ransomware continues to plague both the public and private sectors around the globe, but too often we in the cybersecurity industry find ourselves trying to… Read more

Crypto-Asset Exchange Threat Modeling

  On April 13, 2021, the Cloud Security Alliance (CSA) Blockchain/Distributed Ledger Working Group released the Crypto-Asset Exchange Security Guidelines—a set of guidelines and best practices for crypto-asset exchange (CaE) security. The set of guidelines were created to help educate users, policymakers, and cybersecurity professionals on the pros and cons of further securing Virtual Asset Service…

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Who’s Laughing Now? Small Investors Pump Joke Token Dogecoin

The market volatility created last week as Redditors from r/wallstreetbets banded together to buy stock in GameStop (GME), AMC (AMC), and Bed, Bath, and Beyond (BBBY) through the Robinhood app spilled over into the cryptocurrency world when Dogecoin, a token established in 2013 to satirize the growth of altcoins, caught Reddit’s eye. DOGE has a…

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Only 22% of Bankers and Financial Investigators Feel Confident Detecting Crypto-Related Payments  

In a December 9 CipherTrace-ACFCS Webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” over 500 attendees from various Financial Institutions were asked if they felt confident detecting cryptocurrency related payments flowing through their institutions and/or investigations. Over three-quarters—78.2%—of attendees responded that they do not feel confident in detecting crypto-related payments flowing…

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CFTC, DOJ Charge BitMEX Owners with Illegal Operations and Anti-Money Laundering Violations 

On October 1, the US Department of Justice announced the indictment of four BitMEX executives, charging the group with violating the Bank Secrecy Act (BSA), and conspiring to violate the BSA by “willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program.” On the same day, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging five entities…

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FinCEN Doubles Down on Banks’ Crypto Exposure

Taking center stage in a key-note address at the virtual 2020 ACAMS Las Vegas Conference, FinCEN Director Kenneth A. Blanco clarified a long-standing confusion banks have had regarding their exposure to cryptocurrencies and the steps they must take the mitigate these risks.  Director Blanco said that FinCEN continues to focus its efforts on a number…

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