How do cybercriminals launder cryptocurrency?
barracuda, Wednesday, May 21st, 2025
The worst possible outcome has occurred. A ransomware attack has broken through multiple layers of security and encrypted mission-critical data. Either no backup exists for this data, or the data backups are also encrypted. No documented fix will allow you to reverse the encryption. Given no other choice, you pay the ransom.
On aggregate, the global ransomware industry accrued hundreds of millions of dollars in various cryptocurrencies in 2024 alone. But the story of that money doesn't stop there. It needs to be laundered - converted from illegal winnings into an apparently legitimate income stream. How do cybercriminals transform their ransom payments into money they can spend without fear of arrest?