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DHS disrupts 537 crypto ransom attacks and seizes $4.3B

DHS disrupts 537 crypto ransom attacks and seizes $4.3B

GrafaGrafa2024/10/07 04:50
By:Isaac Francis

The U.S. Department of Homeland Security's (DHS) Cyber Crimes Center reported it has thwarted over 500 ransomware attacks since its formation in 2021, preventing potential disruptions and seizing billions in extorted cryptocurrency.  

According to Mike Prado, the deputy assistant director of Homeland Security Investigations (HSI), the agency has successfully disrupted 537 ransomware attacks and traced $4.3 billion in stolen cryptocurrency.  

Ransomware attacks typically involve hackers encrypting user data and demanding payments in exchange for the decryption key.  

Prado explained that HSI's proactive approach, which involves monitoring internet traffic and identifying malicious activities, helps thwart attacks before they even occur.  

He said that “keeping a finger on the pulse” of cybercrime enables the agency to detect and prevent breaches in real-time.  

Since the launch of the division, U.S. government agencies have been the main target, representing 21% of disrupted attacks—more than any business sector.  

HSI also works in collaboration with federal agents across 235 field offices, local police, and other federal agencies to notify potential victims, including government agencies and companies, when an extortion event is imminent.  

However, Prado noted that disrupting attacks before they happen can pose challenges in building legal cases against the perpetrators, especially when the attacks are successfully blocked.  

Despite these hurdles, HSI continues to monitor ransomware groups, particularly those outside the United States that continuously seek ways to obtain cryptocurrency.  

The rise in ransomware attacks is a growing concern.  

A recent report from Chainalysis indicated that ransomware inflows increased by 2% in 2024, reaching $459.8 million.  

Additionally, the maximum ransom payment size surged by 96% in the past year, with the largest single payment of $75 million recorded in July 2024.  

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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