Monero Fast-Becoming Preferred Ransom Payment Option for Hackers
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CipherTrace, a blockchain analytics firm, recently released a report highlighting the increasing use of privacy-focused cryptocurrencies like Monero in ransomware attacks. The report, termed “Current Trends in Ransomware,” revealed the trends observed by the firm in 2021. The report showed that there was a jaw-dropping 500% increase in “double extortion” ransomware attacks between 2020 to 2021.
For those unfamiliar with it, Ransomware is a form of cyberattack where hackers steal and encrypt sensitive data of their victims and require a ransom for the release of this data.
The report tallied with similar discoveries from analytics platform Chainalysis, which reported that overall ransomware crypto payments tapped $600 million within 2020 and 2021.
The researchers noticed that there was a significant increase in the demand for XMR in ransom payments, with many attackers adding a 10-20% premium on Bitcoin payments. The report added that 22 out of an incomplete list of 50 ransomware strains only accepted only XMR payments, while seven of the 50 accepted both XMR and BTC. The CipherTrace report detailed:
“Higher prices for BTC are most likely seen by the ransomware actors as a premium for dealing with the increased risk in using an easily traceable cryptocurrency like BTC.”
Key Monero Levels to Watch — April 20
Unlike other cryptos, Monero has maintained a steady upward trajectory since its slump to the $132 low in late February. The privacy cryptocurrency has exhibited significant resilience by remaining unmoving during broader market bearish runs but following bullish waves.
That said, XMR tapped its highest level since November 21 on Monday after hitting the $270 mark but recorded a sharp correction to the $250 mark shortly afterward. However, the bearish correction appears to have run its course, as the cryptocurrency rebounded above the $260 mark in the early session on Wednesday.
I expect a retest of the $270 top, where my two-month-long channel top resides, over the coming hours, which should prompt a leg up towards $290.
Meanwhile, my resistance levels are at $270, $280, and $290, and my support levels are at $250, $240, and $230.
Total Market Capitalization: $1.92 trillion
Monero Market Capitalization: $4.7 billion
Monero Dominance: 0.24%
Market Rank: #32
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