Why Ransomware Groups Are Increasingly Interested in Monero (XMR)

Reports suggest Monero is the favorite currency for ransomware groups. The recent CipherTrace study highlights the growing ransomware trends within the cryptocurrency market.

Monero: The New Ransomware Darling

CipherTrace study noted an increasing pattern in the latest ransomware attacks. Analysts observed most actors use privacy tokens such as XMR. Groups prefer using these currencies to enhance their anonymity over coins such as Bitcoin.

The research elaborated that the group associated with the US Pipeline attack accepted Bitcoin and Monero but charged up to 20% more for BTC payments. Recently, the attacker Everest Ransomware allegedly accessed the United States government. After failed negotiations, the actors sold the data for only $500K in XMR.

Another trend surfaces with the surging protocols for preventing security breaches. The double extortion acts saw a colossal growth, with attackers threatening to issue encrypted data. The study shows a 5-times uptick in double extortion attacks between 2020 and 2021.

XMR At the Moment

Monero has recorded upsurges since the late sessions of February. XMR extended its upward movements despite the weakness of the leading cryptos, Bitcoin and Ethereum, failing to keep their 2022 peaks.

According to Bloomberg reports, most XMR holders started withdrawing from top exchanges. Experts later dubbed the move Monerun. The crypto’s dedicated Reddit platform reveals that the move to escape crypto exchanges aims to ensure a global short squeeze.

A post by bawdynarchist, a Reddit user, stated that the Monero community lost consensus that most exchanges do not hold all XMR tokens that customers have bought. The withdrawal’s intent is forcing these exchanges to buy actual Monero tokens, a move that would see Monero’s price surging.

The price chart reflects Monero’s uptick as XMR dashed its highest figures since November 2021. The altcoin crossed the $275 mark two times during the bullish run and seemed ready to stretch towards the $300 value area in the upcoming weeks.

The Relative Strength Index also reflected bullish actions as the index steadies within the overbought area. The index stayed near 70 at this publication, representing massive demand for the altcoin. XMR seeks more bullish strength as we approach April end.

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