Ransomware payments, blockchain and cryptoexchanges

The murky ecosystem of ransomware payments comes into focus in new research led by Damon McCoy, an assistant professor of computer science and engineering at the NYU Tandon School of Engineering. … Amongst the most striking findings are: the discovery that South Koreans are disproportionately impacted by ransomware campaigns. … Most ransomware operators used a Russian bitcoin exchange, BTC-E (now seized by the FBI), to convert bitcoin to fiat currencies; the research estimates at least 20,000 individuals made ransomware payments over the past two years, at a confirmed cost of $16 million (the true payment total is likely higher).

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