Bitcoin Ransomware is Using Mining to Launder Funds

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Chainalysis has reported that ransomware operators are relying more and more on mining pools to launder illegally obtained assets.

The report states that there has been a “significant and steady increase” in the value sent from ransomware wallets to mining platforms since the beginning of 2018.

It further elaborates on how attackers bypass compliance tools used by trading platforms this way.

It has now surpassed the percentage of illicit funds laundered through P2P platforms. This is in spite of the decrease in Bitcoin ransomware income overall by 40.3% in 2022.

One of the reasons may be victims refusing to pay the ransom. Crypto mining, although a big part of the industry, is attractive to attackers as it provides them with a clean source of funds on the network.