New data demonstrates that Eastern Europe is still a hub of illicit bitcoin activities , facing ransomware attacks in cryptocurrency

Cryptocurrency addresses in Eastern Europe sent $815 million between June 2020 and July 2021, according to Chainalysis statistics published Wednesday. This is especially true for Ukraine, which is responsible for a major portion of the region’s traffic to fraudulent websites, outpacing the United States by nearly 20 million visits.

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A growing number of victims are found in Eastern Europe due to the region’s economic instability, the research says. Eastern Europe is primarily recognized as a beneficiary of illicit cryptocurrency funds, As the number of ransomware assaults continues to rise in Eastern Europe, scam payments continue to surpass other forms of criminal activity in every other country covered by Chainalysis

Cryptocurrency scams have also taken off in the United States, which ranked third in fraud payments after Eastern and Western Europe.

Even yet, the business revealed that thieves had amassed tens of millions of dollars in ransomware payments in cryptocurrencies.

Eastern Europe came in second with $46 million in ransomware funding. Some of the $51 million in activity assigned to Western Europe, however, could possibly be attributed to Eastern Europe because of overlap in services, according to the study’s authors. Cybercriminal outfits in Russia and Eastern Europe, such as Evil Corp., received the majority of the funds.