Tag Archive for: Crimes

Ransomware and Darknet Markets Top List For Most Prominent Crypto Crimes

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Rachel Wolfson

Last updated:

| 5 min read

Hacker with computer and golden coins on dark background. Cybercrime concept, hacker without a face is trying to steal cryptocurrency using a computer, AI Generated

A new report from blockchain analysis firm Chainalysis found that crypto related crimes decreased in 2023. While notable, findings also show that ransomware and darknet market activity involving cryptocurrency increased considerably.

Eric Jardine, cybercrime research lead for Chainalysis, told Cryptonews that both ransomware wallets and darknet market wallets saw more inflows during 2023 than 2022 measured in terms of dollars. Jardine further explained that these two categories of illicit activity involve different underlying patterns of behavior. He said:

“In the case of ransomware, for example, increased inflows mean that individuals, companies, critical infrastructure providers, and governments are paying more or larger ransoms after being the victim of a cyberattack by a malicious actor in 2023 than they did in 2022.  In the case of darknet markets, inflows often represent various forms of illegal activity, most notably the purchase of illicit drugs such as fentanyl, heroin, or cocaine.”

Why ransomware and darknet market activities are increasing


Unfortunately, Jardine believes that 2023 marked the recovery of the illicit darknet ecosystem. He mentioned that the closure of Hydra Marketplace in 2022 – one of the largest darknet marketplaces – reduced the aggregate inflows to darknet markets that year. However, this also resulted in an influx in darknet market activity during 2023.

Source: Chainalysis

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2,430 hacking crimes investigated; 7,092 suspects arrested since 2022, effectively safeguarding cybersecurity: public security authority

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hacker Photo: VCG

Photo: VCG

Since 2022, public security organs across China have investigated 2,430 hacking crimes and arrested 7,092 suspects, effectively cutting off the chain of hacking crimes, protecting network and data security, and safeguarding the normal order of cyberspace, the Ministry of Public Security announced on Thursday at a press conference.

The authority noted that according to its latest statistics, the number of hacking cases in China has been increasing for three consecutive years, with an average annual growth rate of 27.7 percent. The ministry also noted that the average age of hackers has been decreasing year by year, and there have even been cases of elementary school students proficiently using hacker tools.

The rise in hacking crimes has become increasingly prominent in recent years. During the press conference in Beijing, Shi You, the deputy director of the Bureau of Network Security Protection of the ministry, introduced that hacking crimes mainly involve illegal intrusion into computer information systems, unauthorized access to computer data, illegal control of computer information systems, providing programs and tools for illegal intrusion and control of computer information systems, as well as the destruction of computer information systems.

The ministry released 10 typical cases of hacker crimes, as part of the efforts and significant achievements by the authority during the nationwide campaign called “Clean up the Internet.”

In one typical hacking case, the Panzhihua public security bureau in Southwest China’s Sichuan Province successfully handled in January a case of making profit through illegal remote manipulation of older mobile phones, with the whole chain making illegal profits of more than 100 million yuan ($14.02 million).

The local public security authority in September 2022 uncovered multiple cases of automatic ordering of value-added services on older phones, resulting in monthly deductions of 1 to 10 yuan ($1.4) for related value-added services, indicating that the phones were remotely controlled.

After investigation, it was found that the suspects surnamed Chen and Gao colluded with vendors and manufacturers of older phones to implant Trojan programs…

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Chinese Ministry of Public Security releases 10 typical cases of cracking down on cyberspace violence, illegal crimes

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Police officers raise cybersecurity awareness by disseminating education pamphlets among citizens in Yangzhou, East China's Jiangsu Province, on September 14, 2023. Photo: Xinhua

Police officers raise cybersecurity awareness by disseminating education pamphlets among citizens in Yangzhou, East China’s Jiangsu Province, on September 14, 2023. Photo: Xinhua

On Tuesday, China’s Ministry of Public Security released 10 typical cases of cracking down on cases of cyberspace violence and illegal crimes. Those cases included illegally hiring a group of online users to attack others, using hacking methods to obtain large volumes of personal information, and using PS and other technologies to maliciously defame others’ image.

In recent years, cyberspace violence and illegal crimes have becoming increasingly frequent, leading to some individuals experiencing “social death,” mental illness, and even suicide. This has severely disrupted the order of the internet and damaged the online ecosystem, causing a negative social impact. The Chinese public security authorities continue to maintain a “zero tolerance” attitude toward cyberspace violence and illegal crimes and have dealt with a large number of such cases, including insulting and defaming others, spreading rumors, and violating privacy.

In the first typical case, East China’s Jiangsu public security organs targeted a case of a person surnamed Zhang who hired “internet troll army” — a group of users who are paid to post online comments with vested interest on Chinese language websites — to cyberbully others.

The internet security department of Jiangsu public security organs found that during his probation period, Zhang illegally obtained a victim’s private information by installing tracking and eavesdropping devices in order to achieve long-term control over the victim. He spread and promoted indecent videos, images, and insulting articles about the victim through purchasing internet accounts and hiring an online “army.” He also sent reports with false accusation to the victim’s workplace in someone else’s name, causing the victim to suffer from post-traumatic stress disorder. In January 2023, Zhang was taken into custody by the public security organs in accordance with the law. Currently, Zhang has been sentenced to six years in prison and fined 10,000 yuan ($1,397.96) for the crimes of infringing on…

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Cyber money heist: Why companies paying off hackers fuels ransomware crimes

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80 PER CENT OF VICTIMS PAY RANSOM

Analysts told CNA that it is common for companies to pay up in a bid to protect their data, with Forbes reporting about 80 per cent of 1,200 victims surveyed decided to do so.

More than 72 per cent of businesses were affected by ransomware attacks as of 2023, Mr Backer told CNA, noting that it was an increase from the previous five years and was by far the highest figure reported.

Predictions also indicate ransomware will cost victims roughly US$265 billion annually by 2031, he added.

“In the heat of the moment and with pressures mounting, the decision to pay a ransom is definitely not an easy one,” said Mr Flores.

“Many choose to opt for this route for a few reasons, with the most common one being faster recovery time. With business operations and continuity at stake, paying the ransom and obtaining the decryption tool in return is sometimes the quicker option to resume activity.”

According to media reports in 2019, ride-hailing platform Uber allegedly paid a US$100,000 ransom and had the hackers sign non-disclosure agreements in exchange for the payment.

This shows that organisations are worried, noted Mr Backer.

Regarding banks like ICBC paying ransoms, he said such information is not usually disclosed to the public due to the sensitive nature of the incidents.

“Many organisations, including banks, may not disclose this due to concerns about reputation, legal implications, and the encouragement of further attacks.”

However, Dr Kerrison noted that the intention behind companies paying ransoms “might not always be to keep it a secret”. 

“Rather, it’s the best option available to them in the circumstances,” he said.

Mr Backer added that claims by attackers should be “treated with caution” as they might not always accurately reflect the reality of the situation.

Analysts also told CNA the rise of the ransomware-as-a-service (RaaS) model is one of the driving factors in the increase in ransom payment.

“RaaS made it possible for low-skilled cybercriminals to join the illicit industry ultimately contributing to the surge in the number of victims,” said He Feixiang, an adversary intelligence research lead at Group-IB.

The RaaS business…

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