The reign of terror unleashed by Bitcoin ransomware may soon come to an end. According to the blockchain analysis company Chainalysis, law enforcement agencies are gearing up to combat cyber crimes of this nature.
Ransomware attacks have seen a drastic rise in the recent days. Cybercriminals, who were initially targeting individual users for small ransoms have graduated to bigger targets. Some of the recent targets include big businesses, banking and financial institutions, hospitals and a racing team. Not to mention the attacks on police departments.
A combination of encryption techniques and pseudonymity of Bitcoin transactions have so far made combating ransomware attacks a challenge. However, the development in blockchain analysis technology now allows law enforcement agencies to track these transactions.
According to Chainalysis, there is an increase in demand for the company’s solutions among law enforcement agencies. The CEO of Chainalysis, Michael Gronager states that the company’s bitcoin tracing technology is being employed by law enforcement agencies in the USA, EU, and Asia with great success. Chainalysis’ technology was also instrumental in the arrest of DD4BC members.
Michael was quoted recently by a technology publication saying,
“The ransomware industry is probably worth more than $100bn (£76bn) a year, but hopefully