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It is not always clear who owns or operates an address, therefore, it can be difficult to identify the individual behind an address tied up in illicit activity.Ĭybercrime involving digital currencies has been on the rise–especially during coronavirus lockdowns. The only thing pseudo-anonymous about Bitcoin is its wallet addresses. This means that any actions that take place on the Bitcoin blockchain are stored on-chain for everyone to see. Bitcoin is public, transparent, and immutable. Knowing that Bitcoin is entirely public, I started building Ransomwhere as a method to crowdsource information on ransomware payments,” said Cable.Ĭontrary to popular belief, Bitcoin is not the private network that many criminals and illicit actors believe it to be.

#JACK CABLE KREBS RANSOMWHERE 32M PAGETECHCRUNCH FULL#

Without knowing the full details of ransomware economics, it’s hard to tell if actions have an effect on criminal behavior. “I was inspired to launch Ransomwhere after seeing that no one really knows the full impact of ransomware, and cybercrime in general.

Cable hopes that the data Ransomwhere generates will help individuals and enterprises understand the full impact ransomware attacks have and whether or not taking certain actions and preventive measures has an effect on impeding these attacks. We’re seeing that cybercriminals are getting more adept at exploiting systems and monetizing them, which is in part enabled by cryptocurrencies,” said Jack Cable, the founder of Ransomwhere.Ĭable is looking to mitigate cybercrime involving digital assets by providing comprehensive data around ransomware attacks that demand digital currency. … ) do indicate that ransomware attacks and payments are on the rise. “While the data on Ransomwhere is not fully complete, the current data and other public reports (e.g. Recently, many government organizations around the world have released statements warning their citizens and residents that cybercrime–including cybercrime involving digital currencies–is on the rise. In 2021, ransomware attackers have made roughly $32.7 million in cryptocurrency according to data from Ransomwhere one ransomware attack in particular–REvil–accounts for roughly 33% of the total amount of money raked in via ransomware attacks this year.

Jack cable krebs ransomwhere 32m pagetechcrunch