Chainalysis: Bitcoin ransomware operators launder funds via mining

Ransomware operators are increasingly using mining pools to launder illicitly obtained assets, according to the отчете by Chainalysis.

“Since the beginning of 2018, we have observed a significant and steady rise in the value sent from ransomware wallets to mining platforms,” the document says.

Experts say criminals aim to sidestep the compliance tools used by exchanges. The share of pools in ransomware laundering volumes has already surpassed the P2P-platform benchmark.

This occurred amid contraction in the total revenue of bitcoin ransomware operators — in 2022 it fell by 40.3%.

“Cryptocurrency mining is an important part of the industry, but it is especially attractive to criminals because it provides a way to obtain funds from an essentially clean source in the network,” the experts noted.

To address the issue, mining structures must implement wallet controls, KYC procedures and use blockchain analytics to verify the origin of assets, they say. KYC

According to Chainalysis, as of February 2022, criminally controlled crypto wallets held assets worth over $25 billion.