BITCOIN ACCOUNTS FOR 98% OF CRYPTO-DENOMINATED RANSOMWARE PAYMENTS, STUDY

Last updated: June 19, 2025, 18:47 | Written by: Naval Ravikant

In the murky world of cybercrime, one cryptocurrency continues to reign supreme: Bitcoin (BTC).Despite the rise of alternative digital currencies and the allure of anonymity offered by privacy coins, a recent study reveals that Bitcoin accounts for a staggering 98% of all crypto-denominated ransomware payments. A study suggests that Bitcoin accounts for 98% of Crypto-Denominated ransomware payments.This dominance, highlighted in Coveware's Q1 2025 Global Ransomware Marketplace report published on April 15th, underscores the critical role Bitcoin plays in the economics of ransomware attacks. Bitcoin (BTC) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Latest Bitcoin Accounts for 98% of Crypto-Denominated Ransomware Payments, StudyForget the headlines about Monero or Dash; when it comes to paying off cybercriminals, Bitcoin is still king. Intro Coveware s Global Ransomware Marketplace report of the first quarter of 2025 shows that Bitcoin (BTC) continues to account for the majority percentage of crypto-denominated ransomware payments. The report which is based on aggregated ransomware data from cases tackled by Coveware s Incident Response Team was published on the 15th ofThis article dives deep into the reasons behind Bitcoins popularity among ransomware attackers, explores the implications for cybersecurity, and offers actionable advice for organizations seeking to protect themselves from these costly and disruptive attacks. Bitcoin continues to account for the lion s share of crypto-denominated ransomware payments 98% as compared with just 2% for privacy coins like dash and monero.Understanding Bitcoins role is no longer optional; it's a necessity for effective cyber incident response planning.

Why Bitcoin Remains the Ransomware King

While other cryptocurrencies offer enhanced privacy features, several factors contribute to Bitcoins enduring dominance in the ransomware landscape.Its widespread acceptance, liquidity, and established infrastructure make it the path of least resistance for both attackers and victims.

Ubiquitous Acceptance: Bitcoin is the most widely recognized and accepted cryptocurrency globally. Bitcoin (BTC) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Marketplace report, published on April 15. The report reportedly based upon aggregated ransomware data from cases tackled by Coveware s Incident Response Team indicates that in Q1 2025 the ransomware landscape saw a sharp increase inThis makes it easy for attackers to demand ransom in Bitcoin, knowing that victims are more likely to have access to it or be able to acquire it quickly.
High Liquidity: Bitcoin boasts significant liquidity on numerous cryptocurrency exchanges.This allows attackers to easily convert their ill-gotten gains into fiat currency or other assets.
Established Infrastructure: The Bitcoin ecosystem is mature, with a robust network of wallets, exchanges, and other services. Globally, 98% of all ransomware payments are demanded in Bitcoin. However, a recent analysis by Chainalysis shows that victims are increasingly playing hardball. A new report by Immunefi has analyzed the top payments in response to ransomware attacks.This makes it relatively easy for attackers to manage and move their funds.

While privacy coins like Monero and Dash offer enhanced anonymity, they lack the widespread acceptance and liquidity of Bitcoin.Attackers often prioritize ease of use and convertibility over perfect anonymity, making Bitcoin the pragmatic choice.Think of it like this: a thief might prefer a lock pick that only works on high-security locks, but if they need to quickly open a common door, a simple crowbar is often the better option.

Coveware's Q1 2025 Ransomware Report: Key Findings

Coveware's Q1 2025 Global Ransomware Marketplace report provides valuable insights into the evolving ransomware landscape. As recently reported, Coveware s Q1 2025 Global Ransomware Marketplace report revealed that bitcoin continues to account for the lion s share 98% of crypto-denominated ransomware payments. The report, echoing Chainalysis claims, found that the average sum demanded had risen 89% from a median $6,733 in Q4 2025 to $12,762 in Q1 2025.Besides confirming Bitcoins dominance, the report highlights several other noteworthy trends:

Rising Ransom Demands: The average ransom demand increased significantly in Q1 2025.According to the report, echoing Chainalysis' claims, the average sum demanded rose by a substantial 89%, from a median of $6,733 in Q4 2025 to $12,762 in Q1 2025.This indicates that ransomware attackers are becoming more sophisticated in their targeting and pricing strategies.
Increasing Complexity of Attacks: Ransomware attacks are becoming increasingly complex, with attackers often employing multiple extortion tactics, such as data theft and public shaming, in addition to encryption.
Importance of Incident Response Planning: The report underscores the importance of having a well-defined incident response plan in place to effectively manage ransomware attacks. Bitcoin Accounts for 98% of Crypto-Denominated Ransomware Payments, Study Bitcoin (BTC) continues toThis includes understanding Bitcoin and how it is used in ransomware transactions.

The report also pointed out that one particular ransomware strain, GandCrab, deviated from the norm.This strain accounted for 20% of the ransomware market, according to Coveware’s data, and was the only prevalent strain where threat actors accepted payments in either Dash or Bitcoin. Bitcoin continues to account for the lion's share of crypto-denominated ransomware payments, according to Coveware's Q1 2025 Global Ransomware Marketplace report, published on April 15.[BREAK] The report - reportedly based upon aggregated ransomware data from cases tackled by Coveware's Incident Response Team - indicates that in Q1 2025 the ransomware landscape saw a sharp increase in theInterestingly, GandCrab victims who opted to pay with Bitcoin faced an additional 10% fee, supposedly due to the costs incurred by the threat actors in using the cryptocurrency.

Understanding Bitcoin Transactions for Incident Response

Whether an organization chooses to pay the ransom or attempt to recover the data independently, a solid grasp of Bitcoin is crucial for effective cyber incident response. According to the report published by Coveware on the 15th of April, the greatest share of ransomware payments comes from Bitcoin.This includes understanding how Bitcoin transactions work, how to track them on the blockchain, and how to identify potential red flags.

Tracking Bitcoin Transactions

Bitcoin transactions are recorded on a public, distributed ledger known as the blockchain. Bitcoin continues to account for the lion s share of crypto-denominated ransomware payments 98% as compared with just 2% for privacy coins like dash and monero. Bitcoin ( BTC ) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Marketplace reportThis allows anyone to view the transaction history of any Bitcoin address.While the identities of the parties involved in a transaction are not directly revealed, it is possible to trace the flow of funds and potentially identify patterns that could lead to the identification of the attackers.

Here's how to track Bitcoin transactions:

Obtain the Bitcoin Address: The first step is to obtain the Bitcoin address to which the ransom was paid. Bitcoin Accounts for 98% of Crypto-Denominated Ransomware Payments, Study Ap By Editor Bitcoin (BTC) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Marketplace report, published on April 15.This address is typically provided by the attackers in the ransom note.
Use a Blockchain Explorer: Use a blockchain explorer, such as Blockchain.com or Blockchair, to view the transaction history of the Bitcoin address. This post was originally published on this site Bitcoin continues to account for the lion s share of crypto-denominated ransomware payments 98% as compared with just 2% for privacy coins like dash and moneroThese tools provide detailed information about each transaction, including the amount of Bitcoin sent, the date and time of the transaction, and the sender and recipient addresses.
Analyze the Transaction History: Analyze the transaction history to identify any patterns or suspicious activity.For example, if the Bitcoin address is sending funds to multiple other addresses, it could indicate that the attackers are attempting to launder the funds.

Identifying Red Flags

Several red flags can indicate that a Bitcoin transaction is associated with illicit activity.These include:

Mixing Services: Mixing services, also known as tumblers, are used to obfuscate the origin of Bitcoin transactions.If a Bitcoin address is sending funds to or receiving funds from a mixing service, it is a strong indication that the funds are being used for illicit purposes.
Darknet Marketplaces: Darknet marketplaces are online platforms that facilitate the sale of illegal goods and services.If a Bitcoin address is associated with a darknet marketplace, it is likely that the funds are being used for illegal activities.
Suspicious Transaction Patterns: Unusual transaction patterns, such as large transfers to multiple unknown addresses, can also indicate illicit activity.

The Role of Cryptocurrency Exchanges in Laundering Ransomware Proceeds

A significant portion of ransomware proceeds are laundered through cryptocurrency exchanges.According to a report by Chainalysis, approximately 64% of ransomware attack cash-out strategies involve the laundering of funds via cryptocurrency exchanges.

This highlights the importance of cryptocurrency exchanges implementing robust anti-money laundering (AML) controls to prevent their platforms from being used to facilitate ransomware attacks.These controls should include:

Know Your Customer (KYC) Procedures: KYC procedures require exchanges to verify the identity of their customers. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyThis helps to prevent criminals from using exchanges to launder funds.
Transaction Monitoring: Transaction monitoring systems can detect suspicious activity, such as large or unusual transactions, that may indicate money laundering.
Collaboration with Law Enforcement: Exchanges should collaborate with law enforcement agencies to share information and assist in investigations related to ransomware attacks.

Actionable Advice for Preventing Ransomware Attacks

While understanding Bitcoin transactions is important for incident response, the best defense against ransomware is to prevent attacks from happening in the first place.Here are some actionable steps organizations can take to reduce their risk of ransomware infection:

Implement Strong Security Measures: Implement a multi-layered security approach that includes firewalls, intrusion detection systems, antivirus software, and endpoint detection and response (EDR) solutions.
Regularly Back Up Data: Regularly back up critical data to an offsite location.This will allow you to restore your data in the event of a ransomware attack without having to pay the ransom.Ensure backups are air-gapped (physically isolated) to prevent ransomware from encrypting them as well.
Employee Training and Awareness: Train employees to recognize phishing emails and other social engineering attacks. In this article, we present a data-driven method for identifying and gathering information on Bitcoin transactions related to illicit activity based on footprints left on the public Bitcoin blockchain.Phishing is a common method used by ransomware attackers to gain access to networks.Regularly test employees with simulated phishing campaigns to reinforce training.
Patch Management: Keep software and operating systems up to date with the latest security patches.Vulnerabilities in outdated software can be exploited by ransomware attackers.
Implement the Principle of Least Privilege: Grant users only the minimum level of access necessary to perform their job duties. Bitcoin accounts for approximately 98% of ransomware payments. Whether an organization pays the ransom or attempts to recover the data independently, a clear understanding of bitcoin is essential for cyber incident response planning.This will limit the damage that can be done if an attacker gains access to a user account.
Network Segmentation: Segment your network to isolate critical systems from less critical systems.This will prevent attackers from moving laterally across your network if they gain access to one system.
Incident Response Plan: Develop and regularly test an incident response plan that outlines the steps to be taken in the event of a ransomware attack.This plan should include procedures for identifying, containing, and eradicating the threat, as well as for restoring data from backups.

Should You Pay the Ransom?A Difficult Decision

The decision of whether or not to pay a ransom is a complex one, with no easy answer. Coveware s Q1 2025 Global Ransomware Marketplace report revealed that bitcoin (BTC) continues to account for the lion s share 98% of crypto-denominated ransomware payments. The report, echoing Chainalysis claims, found that the average sum demanded had risen 89% from a median $6,733 in Q4 2025 to $12,762 in Q1 2025.There are several factors to consider, including:

The Value of the Data: How critical is the encrypted data to your organization's operations? 594 subscribers in the VIRALNEWS_ZUKUS community. We are a viral news source community centered around giving you the best insights into the world weIf the data is essential and cannot be recovered from backups, paying the ransom may be the only option.
The Cost of Downtime: How much will it cost your organization in terms of lost revenue, productivity, and reputation if you are unable to access your data?
The Risk of Non-Compliance: Paying a ransom could violate sanctions regulations, depending on the identity of the attackers.
Guaranteed Decryption: There's no guarantee that paying the ransom will result in the successful decryption of your data. Bitcoin continues to account for the lion s share of crypto-denominated ransomware payments 98% as compared with just 2% for privacy coins like dash and monero. BTC $57,468 ETH $3,770Some attackers may not provide a working decryption key, or the decryption process may be flawed, leading to further data loss.

It's also worth noting that paying the ransom can encourage further ransomware attacks by providing attackers with financial incentives.However, for some organizations, the cost of not paying the ransom may be too high.It’s imperative to consult with legal counsel and cybersecurity experts to evaluate all factors before making a decision.

The Future of Ransomware and Bitcoin

The ransomware landscape is constantly evolving, with attackers developing new techniques and targeting new vulnerabilities.While Bitcoin remains the dominant cryptocurrency for ransomware payments, it is possible that alternative cryptocurrencies or other payment methods could become more popular in the future. Chainalysis: 64% of Ransomware Attackers Launder Proceeds via Crypto Exchanges United States-based blockchain intelligence firm Chainalysis claims that 64% of ransomware attack cash-out strategies involve the laundering of funds via cryptocurrency exchanges.Regardless of the payment method, ransomware will continue to be a significant threat to organizations of all sizes. Bitcoin (BTC) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Marketplace report, published on April 15.Continuous vigilance, proactive security measures, and a well-defined incident response plan are essential for protecting against these attacks.

Conclusion

The study confirming that Bitcoin accounts for 98% of crypto-denominated ransomware payments underscores the ongoing importance of understanding this cryptocurrency in the context of cybersecurity.While the allure of privacy coins might tempt some, Bitcoins dominance stems from its widespread acceptance, liquidity, and established infrastructure.Organizations must prioritize robust security measures, employee training, and incident response planning. Bitcoin (BTC) continues to account for the lion s share of crypto-denominated ransomware payments, according to Coveware s Q1 2025 Global Ransomware Marketplace report, published onWhether or not to pay a ransom remains a difficult decision, requiring careful consideration of various factors. Bitcoin Accounts for 98% of Crypto-Denominated Ransomware Payments, StudyThe battle against ransomware is a continuous one, demanding vigilance, adaptability, and a proactive approach to cybersecurity.By understanding the dynamics of Bitcoin in the ransomware ecosystem, organizations can better protect themselves from these costly and disruptive attacks.