How Ransomware Hackers Cash Out Bitcoins

How Ransomware Hackers Cash Out Bitcoins

Research at Google presented a study on the ransomware ecosystem recently. The research talks about a variety of popular topics such as the flow of ransom payments from a victim to a hacker and also ways to exchange bitcoins, either by purchasing them or cashing them out. The study also uses graphs to show annual incomes of Locky, Cerber and WannaCry malwares, and the rise of Ransomware as a service, where anyone can become a hacker.

Main points:

  • Tracing cash outs of ransom payments.

Tracing payments through the bitcoin chain

  • Ransomware is a multi-million dollar business in a fast changing market.

Ransomware market revenue

  • Locky is the oldest and most profitable malware with $1M+ in monthly revenue.

Ransomware ecosystem
Locky annual revenue

  • Share of transactions in bitcoin exchanges

Bitcoin exchanges

  • The most commonly used cash out bitcoin exchange is BTC-e.

Ransom payments cash out

You can see the full study here: