Crypto Exchange Hacked For $28M; Reports Address Ransomware, Crypto Scams – Fin Tech

According to recent reports, cryptocurrency exchange Deribit has
been hacked, with hackers draining $28 million from the
company’s hot wallet. In a tweet, the company reportedly stated
that “client funds are safe, and loss is covered by company
reserves.”

This week, the Financial Crimes Enforcement Network (FinCEN)
issued its most recent Financial Trend Analysis of
ransomware-related Bank Secrecy Act (BSA) filings for 2021.
According to a FinCEN press release, the report indicates that
ransomware continues to pose a significant threat to U.S. critical
infrastructure sectors, businesses and the public. Among its
notable findings, the report found that (1) ransomware-related
incidents have substantially increased from 2020, (2)
ransomware-related BSA filings in 2021 approached $2.1 billion and
(3) roughly 75 percent of the ransomware-related incidents reported
to FinCEN during the second half of 2021 pertained to
Russia-related ransomware variants.

According to a recent report by Chainanalyis, following
Ethereum’s switch from proof of work to proof of stake (the
Merge), Merge-related scams took $1.2 million worth of
cryptocurrency before, during and after the Merge. The report found
that the day of the Merge saw a massive spike in scam revenue, with
scamming activity collecting over $905,000 worth of cryptocurrency,
compared with just under $74,000 for other scams. Based on data
collected and analyzed by Chainanalysis, scammers were able to take
advantage of consumers’ lack of understanding of the Merge
“to fleece unsuspecting users.”

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