Ransomware payments in the Bitcoin ecosystem

Ransomware is a malicious software that locks users out of their devices and files until they cough up a ransom, often demanded in Bitcoin. With a staggering 500-plus varieties of ransomware known to date, it has emerged as a major headache for law enforcement, cybersecurity pros, and everyday folks alike. But despite its widespread impact, we’re still in the dark about just how much damage it’s causing on a global scale.Enter a new article that lays out a methodical approach to tracking down the financial footprints of ransomware attacks. By scrutinizing Bitcoin transactions tied to illicit activities on the public blockchain, researchers hope to shed light on the real-world costs of these digital shakedowns. Using the GraphSense open-source platform, they analyze transactions linked to 35 different ransomware strains, aiming to put a price tag on the havoc they wreak.Their findings? Between 2013 and mid-2017, ransomware payments racked up a hefty tab of at least USD 12,768,536 (or 22,967.54 BTC). And it turns out, a small group of bad actors is responsible for most of the payouts, painting a lopsided picture of the ransomware market. Armed with this intel, policymakers and law enforcement agencies can better gauge the scope of the problem and devise strategies to tackle it head-on.