How Ransomware Evolved Into a Big Business - Ep.256

Gurvais Grigg, Chainalysis public sector CTO, and Kim Grauer, director of research at Chainalysis, review the ransomware landscape. Show Highlights:

their backgrounds and roles at Chainalysis

how a ransomware attack works

what types of businesses are usually targeted in ransomware attacks

why ransomware as a service (RAAS) is a booming business

why Kim and Gurvais believe the hacking group REvil is becoming more sophisticated

what characteristic of REvil hints that the group could be affiliated with Russia

how the RAAS business model works

how ransomware payments can be tracked

why ransomware reporting has a data problem

why Bitcoin is the preferred method of payment amongst ransomware attackers

what two factors makes BTC preferable to privacy coins

how ransomware groups teach victims to transfer BTC

how ransomware groups cash out of their BTC

how counter-terrorism tactics can help fight ransomware attacks

how the Department of Justice may have partially recovered part of the Colonial Pipeline ransomware payment

what tools and strategies governments can and will use to battle ransomware

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero 

Conjure: https://conjure.finance 

Episode Links

People

Kim Grauer - Director of Research at Chainalysis

https://www.linkedin.com/in/kimberly-grauer-a9501144

Gurvais Grigg - Global Public Sector Chief Technology Officer at Chainalysis

https://www.linkedin.com/in/gurvais-grigg-b1027a153/ 

Chainalsysis Ransomware Data

https://go.chainalysis.com/rs/503-FAP-074/images/Ransomware-2021-update.pdf  

https://go.chainalysis.com/rs/503-FAP-074/images/Chainalysis-Crypto-Crime-2021.pdf  

https://blog.chainalysis.com/reports/applying-counterterrorism-strategies-to-ransomware  

https://blog.chainalysis.com/reports/eastern-europe-cryptocurrency-market-2020 

Ransomware Attacks

Kaseya

https://decrypt.co/75246/what-the-revil-ransomware-attack-means-for-crypto

https://www.abc.net.au/news/2021-07-03/ransomware-attack-us-revil/100265656 

Colonial Pipeline

https://ciphertrace.com/ransomware-seizure-blockchain-analytics-helps-us-authorities-seize-over-2-million-in-darkside-ransom-paid-by-colonial-pipeline/ 

https://www.elliptic.co/blog/us-authorities-seize-darkside 

JBS Holdings

https://www.wsj.com/articles/jbs-paid-11-million-to-resolve-ransomware-attack

Other

Chainalysis 

Twitter: https://twitter.com/chainalysis

Website: https://www.chainalysis.com/

Who is REvil? 

https://fortune.com/2021/07/07/what-is-revil-ransomware-attack-kaseya/

https://unit42.paloaltonetworks.com/revil-threat-actors/ 

Combating ransomware: https://securityandtechnology.org/ransomwaretaskforce/report/ 

Why Gurvais joined Chainalysis: https://blog.chainalysis.com/reports/gurvais-grigg-chainalysis 

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