DHS Agents Avert Numerous Ransomware Incidents, Confiscate Billions Since 2021

The Department of Homeland Security (DHS) has intervened in numerous cryptocurrency scam cases, recovering billions in extorted digital assets since 2021.

A recent report from Bloomberg indicates that DHS investigators have thwarted 537 ransomware attacks before they could inflict extensive harm.

This initiative, spearheaded by the Homeland Security Investigations (HSI) Cyber Crimes Center, has been crucial for safeguarding U.S. government entities, which have been the primary targets of these cyber threats.

21% of Attacks Targeted U.S. Government Entities

Mike Prado, Deputy Assistant Director of HSI’s Cyber Crimes Center, pointed out that 21% of the thwarted attacks were aimed at U.S. government entities, exceeding the number directed at any other sector.

Prado elaborated that HSI’s proactive strategy towards cyber threats includes meticulous monitoring of internet traffic, assessing potential vulnerabilities, and tracking new tactics employed by ransomware groups.

HSI agents concentrate on detecting indicators of suspicious behavior and software vulnerabilities that cybercriminals might exploit.

This vigilant strategy allows them to identify potential breaches, sometimes even prior to their occurrence, and implement preventive measures.

Despite these successes, Prado recognized the difficulties in constructing legal cases against hackers when attacks are preemptively halted.

The division’s initiatives have also resulted in the recovery of significant amounts of cryptocurrency.

Since its establishment, HSI has monitored and confiscated $4.3 billion in digital assets from exchanges and hackers’ devices, which were acquired through extortion.

Prado mentioned that several cybercriminal organizations outside the U.S. remain under observation as they continue to explore methods to obtain cryptocurrency through illegal activities.

When an attack does take place, HSI acts promptly to alert potential victims, including government agencies and businesses, about imminent threats.

This collaboration spans across 235 field offices in the U.S., local law enforcement, and other federal entities, aiming to lessen the impact of these attacks.

A broader examination of the ransomware landscape reveals a concerning trend. A mid-year update from Chainalysis, released on August 15, indicated that ransomware payments have increased by 2% in 2024, rising from $449.1 million to $459.8 million.

The total cryptocurrency ransomware payments for 2023 reached $1 billion, with the size of individual payments significantly increasing.

Notably, the maximum payment size surged by 96% compared to 2023 and an astonishing 335% from 2022.

One significant incident involved the Dark Angels ransomware group, which received an unprecedented $75 million payment in July 2024.

Crypto Users Suffer $46M Losses to Phishing Scams in September

Phishing attacks continue to pose a significant threat to crypto users, leading to considerable financial losses.

In September alone, over 10,000 individuals lost more than $46 million to such scams, according to Scam Sniffer, a Web3 anti-scam platform.

The platform reported that 10,805 victims experienced losses totaling $46.7 million from various crypto phishing scams last month.

These incidents contributed to an overall $126 million in phishing-related losses during the third quarter of this year, with an average of 11,000 victims each month.

Significantly, two major incidents accounted for $87 million of these losses.

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