Ransomware Payments Plummet 35% in 2024 as Sanctions and Victim Resistance Bite

Ransomware Extortion Drops 35% in 2024: Chainalysis Report

According to a report by blockchain analytics firm Chainalysis, ransomware payments fell significantly by 35% in 2024, amounting to $813 million compared to $1.25 billion in 2023. This decline is attributed to sanctions on Russian centralized exchanges and a growing refusal by victims to pay. The report highlights that sanctions against the Russia-based exchange Cryptex and the seizure of 47 non-KYC crypto exchanges by German authorities played a crucial role in disrupting the laundering of illicit earnings. Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis, noted that ransomware operators are increasingly hesitant to cash out due to fears of being traced and prosecuted. Additionally, the gap between ransom demands and actual payments widened, with victims typically paying between $150,000 and $250,000, regardless of initial demands. (Source: The Block, https://www.theblock.co/post/338989/ransomware-extortion-drops-crypto-exchange-crackdowns-chainalysis)

How to Buy Bitcoin in Germany and France

Germany and France have established clear regulatory frameworks for cryptocurrency investments, making Bitcoin a viable option for investors. In Germany, Bitcoin has been recognized as a financial instrument since 2013, and profits from Bitcoin held for over a year are tax-free. France, under the PACTE law, requires exchanges to obtain a Digital Asset Service Provider (DASP) license. Popular methods to buy Bitcoin in these countries include crypto exchanges, Bitcoin ATMs, and peer-to-peer platforms. Exchanges like Coinbase and Kraken are widely used, offering secure transactions and educational resources. Storing Bitcoin securely in wallets, such as hardware wallets, is recommended for long-term holders. (Source: Cointelegraph, https://cointelegraph.com/news/how-to-buy-bitcoin-btc-in-germany-and-france)

Coinbase Users Lose Over $300 Million Annually to Scams

Social engineering scams are costing Coinbase users more than $300 million annually, according to on-chain investigator ZachXBT. Between December 2024 and January 2025 alone, $65 million was stolen through tactics such as spoofed emails and fake Coinbase websites. One victim reportedly lost $850,000 after being tricked into transferring funds to a fraudulent wallet. ZachXBT has urged Coinbase to implement measures like optional phone numbers for advanced users, beginner account types with restricted withdrawals, and improved community outreach to combat these scams. He also called for legal action against data providers and threat actors involved in these schemes. (Source: The Daily Hodl, https://dailyhodl.com/2025/02/05/social-engineering-scams-costing-coinbase-users-300000000-per-year-on-chain-analyst/)

SimpleSwap Expands Cryptocurrency Offerings

SimpleSwap has added a diverse range of new tokens to its platform, now supporting over 2,500 cryptocurrencies. The January 2025 expansion includes tokens from DeFi projects, blockchain gaming, and meme coins, such as Plume (PLUME), Shiba Inu TREAT (TREAT), and Large Language Model (LLM). SimpleSwap offers seamless fiat-to-crypto conversions and cross-chain functionality, ensuring secure and efficient transactions. The platform also provides a USDT cashback program for registered trades and 24/7 customer support. This expansion reflects SimpleSwap's commitment to innovation and accessibility in the crypto space. (Source: CryptoSlate, https://cryptoslate.com/press-releases/january-crypto-surge-new-listings-on-simpleswap/)

Binance Faces Pressure to Disclose Liquidation Data

Following a recent liquidation cascade that reportedly wiped out $8-10 billion, Binance is under pressure to disclose full liquidation data. Bybit CEO Ben Zhou revealed that Bybit alone accounted for $2.1 billion in liquidations and pledged to provide full data access for transparency. Coinglass, a crypto data aggregator, has urged Binance to follow suit, as the exchange has restricted data access since 2021. Forced liquidations during volatile market conditions have led to significant losses for traders, with some losing their entire investments. Binance CEO Richard Teng has yet to respond directly to these calls for transparency. (Source: AMBCrypto News, https://ambcrypto.com/binance-under-pressure-to-disclose-full-liquidations-data-after-recent-10b-carnage/)

Bullish Global Considers IPO Amid Market Optimism

Crypto exchange Bullish Global, a subsidiary of Block.one, is exploring an initial public offering (IPO) in 2025, according to Bloomberg. The company, backed by Peter Thiel and Richard Li, manages $10 billion in digital assets and cash. Bullish had previously planned a SPAC listing in 2021 but canceled it in 2022. The renewed IPO discussions come as the total crypto market value has surged to $3.15 trillion following Donald Trump's election victory. Led by CEO Tom Farley, Bullish aims to capitalize on the growing optimism in the cryptocurrency market. (Source: CoinDesk, https://www.coindesk.com/markets/2025/02/05/bullish-global-weighs-ipo-as-early-as-this-year-amid-crypto-market-optimism-bloomberg)

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