02/20/2022
Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet (NASDAQ:FTNT) report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up in the darker corners of the web, institutionalizing the shadow industry and slashing the skill ceiling for wannabe-criminals. The trend should be ringing a warning bell through the crypto ecosystem, particularly since ransomware attackers do have a knack for payments in crypto.
That said, the industry that was once a Wild Wild West is now assuming a more orderly setting. Slowly but surely infiltrating the mainstream, it is now at the point where some of the largest centralized exchanges (CEXs) are hiring top-notch financial crime investigators to oversee their efforts against money laundering.
