PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

A study from IMDEA Software researchers reveals hidden fortunes and surprising overestimations in cybercrime revenue

IMDEA Software researchers show that cybercriminals’ Bitcoin revenue is largely underestimated and may be up to 39 times higher

2023-12-15
(Press-News.org)

To what extent methodological limitations and incomplete data impact the revenue estimations of cybercriminal groups using the Bitcoin blockchain was largely unknown. A new study, conducted by IMDEA Software Institute researchers Gibran Gomez, Kevin van Liebergen, and Juan Caballero challenges existing figures regarding cybercriminals' Bitcoin earnings to date. The study, entitled "Cybercrime Bitcoin Revenue Estimations: Quantifying the Impact of Methodology and Coverage", recently presented at the ACM CCS 2023 congress, reveals the full scale of the financial impact of cybercriminal activity.

In general, it’s largely accepted that cybercriminal revenue is underestimated due to the lack of coverage on cybercriminal campaigns, like the complete set of Bitcoin addresses they use to receive payments from their victims. This latest research, for the first time, is able to quantify how large that underestimation may be. Additionally, the research shows that some estimation methodologies may hugely overestimate the revenues, and they implement an estimation tool that avoids such methodological errors.

The study's findings come from a meticulous analysis of more than 30,000 payment addresses used by various cybercriminal groups, engaged in activities such as ransomware, clippers, sextortion, Ponzi schemes, giveaway scams, and cryptocurrency exchange scams. A key contribution of this research is that the authors are able to quantify for the first time, how large the underestimation may be. For this, they analyze the DeadBolt ransomware, which encrypts the data hosted in Internet-connected storage servers. The researchers are able to identify the complete set of payment addresses belonging to DeadBolt, estimating its revenue at $2.47 million, a figure 39 times higher than previous estimates. These results not only shed new light on the magnitude of cybercrime, but also highlight the importance of innovative approaches to collecting accurate data in the fight against online criminal activity. 

Cryptocurrency payments are widely used by cybercriminals. For example, according to the U.S. Federal Trade Commission in 2022, cryptocurrencies were the most reported payment method by fraud victims, above other payment methods such as credit cards, wire transfers and bank transfers. Among cryptocurrencies, Bitcoin rules, followed by Ethereum, and much further behind by other cryptocurrencies such as Monero and Cardano.

This groundbreaking research will undoubtedly have a profound impact on the cybersecurity and law enforcement communities, and will spark a fresh look at how to combat cybercrime and dismantle its financial networks. The study is a testament to the importance of constantly evolving methodologies and tools in the fight against digital criminal enterprises.

END



ELSE PRESS RELEASES FROM THIS DATE:

Department of Defense grant boosts study of pressure, humidity on thermal energy storage

Department of Defense grant boosts study of pressure, humidity on thermal energy storage
2023-12-15
Under the Defense University Research Instrumentation Program, Dr. Patrick Shamberger and a research team from the Department of Materials Science and Engineering received a grant from the U.S. Department of Defense (DOD) to acquire instrumentation for thermal energy storage research. The grant, administered through the Office of Naval Research, will support the acquisition of a high-sensitivity multi-modal calorimeter for advanced research and education on tunable energy storage materials. This equipment will allow cutting-edge research to study the capability of pressure and humidity to control how well these materials can store ...

IU researchers fill the final gaps in the Arabidopsis genome sequence and gain insights into gene regulatory mechanisms relevant to humans

IU researchers fill the final gaps in the Arabidopsis genome sequence and gain insights into gene regulatory mechanisms relevant to humans
2023-12-15
Arabidopsis thaliana is a species grown worldwide for genetic research and was the first plant to have its complete set of chromosomes (its genome) sequenced. The initial genome sequence, released in the year 2000, had numerous gaps, but technological improvements in the years since closed the gaps, one by one, until only two remained: large undefined regions on chromosomes 2 and 4 where genes encoding ribosomal RNAs are repeated in hundreds of copies. These ribosomal RNA gene clusters, known as nucleolus organizer regions (NORs), are not just difficult to define in Arabidopsis; gaps remain at ...

Toward more precise and flexible targeted spectroscopy measurements in the retina

Toward more precise and flexible targeted spectroscopy measurements in the retina
2023-12-15
Many ocular diseases involve changes in the structure and function of different regions of the back of the eye, also known as the “eye fundus.” For example, fluorescent pigments and tiny yellowish deposits called drusen accumulate under the retina in age-related macular degeneration, and the degeneration of neurons called ganglion cells is a defining characteristic of glaucoma. Interestingly, changes in the eye fundus are not restricted to vision-related diseases only. Certain neurological diseases like Parkinson’s and Alzheimer’s can cause changes in retinal nerves and ...

UVA biomedical engineer unveils the dynamics of maternal immune responses

UVA biomedical engineer unveils the dynamics of maternal immune responses
2023-12-15
Sepideh Dolatshahi, an assistant professor of biomedical engineering at the University of Virginia, is spearheading an exploration of systems immunology in its crucial development phase — during pregnancy. Systems immunology is about unraveling concealed patterns within the human immune system, said Dolatshahi, whose approaches to her research span computational modeling, systems serology and cutting-edge spatial analysis techniques to investigate immune interactions between mother and fetus during pregnancy that could later support early childhood immunity.   Designing Tailored and Effective Vaccine Plans Babies are immunocompromised ...

Novel therapeutic target overcomes resistance to radiation therapy

2023-12-15
A new study finds that radiation therapy (RT) suppresses a key protein called bone morphogenetic protein and activin membrane-bound inhibitor (BAMBI) and activates immune suppressive cells. These effects dampen the capacity of cancer-fighting immune cells and decrease the effectiveness of radiation, inducing therapy resistance in cancer patients, according to a paper published December 15, 2023 in the Journal of Clinical Investigation. Radiation therapy is a common cancer treatment that kills cancer cells and activates immune cells to fight cancer. Yet this process also ...

Understanding atmospheric flash droughts in the Caribbean

Understanding atmospheric flash droughts in the Caribbean
2023-12-15
The word “drought” typically conjures images of parched soil, dust-swept prairies, depleted reservoirs, and dry creek beds, all the result of weeks or seasons of persistently dry atmospheric conditions. In the sun-soaked islands in the Caribbean, however, drought conditions can occur much more rapidly, with warning signs appearing too late for mediation strategies to limit agriculture losses or prevent stresses on infrastructure systems that provide clean water to communities. Such occurrences – known as flash droughts – are the focus of a new paper authored by Assistant Professor Craig Ramseyer of the College of Natural Resources ...

Pesticides and adjuvants disrupt honey bee’s sense of smell

Pesticides and adjuvants disrupt honey bee’s sense of smell
2023-12-15
It has long been known that exposure to pesticide sprays is harmful to honey bees. In a new study, researchers have uncovered the effect of such sprays on the sense of smell in bees, which could disrupt their social signals. Honey bees live in dynamic communities and constantly communicate with each other using chemicals that serve as social cues. For example, nurse bees—that are responsible for taking care of larvae that ultimately become queens and worker bees—constantly monitor the ...

Immune cells shape lung before birth and provide new avenues for treating respiratory diseases

2023-12-15
Immune cells play an active and intimate role in directing the growth of human lung tissue during development, researchers find, revolutionising our understanding of early lung development and the role of immune cells outside of immunity. The research offers new insights for understanding and treating respiratory conditions, such as chronic obstructive pulmonary disease (COPD). Respiratory conditions account for almost 20 per cent of all deaths in children under five years worldwide1. The work reveals a surprising coordination between the immune and respiratory systems, much earlier in development than previously thought. This discovery raises questions about the ...

Rembrandt broke new ground with lead-based impregnation of canvas for The Night Watch

2023-12-15
New research has revealed that Rembrandt impregnated the canvas for his famous 1642 militia painting ‘The Night Watch’ with a lead-containing substance even before applying the first ground layer. Such lead-based impregnation has never before been observed with Rembrandt or his contemporaries. The discovery, published today in Science Advances, underlines Rembrandt's inventive way of working,  in which he did not shy away from using new techniques. The surprising observation is yet another result from Operation Night Watch, the largest and most wide-ranging research and conservation project in the history ...

SFU and UBC researchers receive $1.25 million to study cumulative effects on B.C. salmon

SFU and UBC researchers receive $1.25 million to study cumulative effects on B.C. salmon
2023-12-15
Salmon researchers from British Columbia are embarking on a three-year study to understand and help mitigate the cumulative threats affecting the vulnerable species in the province’s watersheds. The Watershed Futures Initiative, which includes researchers from Simon Fraser University, University of British Columbia and University of Montana, has received $1.25 million from the federal and provincial governments – through the joint British Columbia Salmon Restoration and Innovation Fund – to tackle the combined impacts of logging, mining, urban development, agriculture, climate change and other factors on salmon.   While ...

LAST 30 PRESS RELEASES:

Indra's internet

Lymph nodes found to be key to successful cancer immunotherapy

Room-temperature terahertz device opens door to 6G networks

A hard look at geoengineering reveals global risks

When smoke signals danger: How Australian lizards evolved to escape fire

Beyond the surface: Atopic eczema linked to significantly higher risk of suicidal thoughts, major study finds

After weight loss regular exercise rather than GLP-1 weight-loss drug reduces leading cause of heart attack and strokes

EASD launches its first ever clinical practice guideline – the world’s first to focus on diabetes distress

Semaglutide provides powerful protection against diabetic retinopathy, the leading cause of blindness in working-age adults, Greek study suggests

Orforglipron taken orally once daily leads to significant body weight loss (ATTAIN-1 Study)

U of I researchers trace genetic code’s origins to early protein structures

Disease experts team up with Florida Museum of Natural History to create a forecast for West Nile virus

Researchers: Targeted efforts needed to stem fentanyl crisis

New UMaine research could help lower prescription drug costs

Molecular movie shows how mitochondria read their DNA

Loss of key male fertility gene leads to changes in expression of hundreds of other genes

Water’s density is key to sustainable lithium mining

Pioneering research reveals problem gambling quadruples the risk of suicide among young people four years later

New method improves the accuracy of machine-learned potentials for simulating catalysts

Astronomers discover rare Einstein cross with fifth image, revealing hidden dark matter

UCalgary researchers show brain shunts significantly benefit older adults with hydrocephalus

UCalgary researchers pursue new approach to manage deadly lung scarring

Psychotherapy can be readily integrated into brief “med-check” psychiatry visits

‘Wiggling’ atoms may lead to smaller, more efficient electronics

Alliance webinar highlights latest advances in cancer treatment

Climate change could drastically reduce aquifer recharge in Brazil

$1.7M DOD grant funds virtual cancer center to support research into military health

Brain organoids could unlock energy-efficient AI

AI-powered CRISPR could lead to faster gene therapies, Stanford Medicine study finds

Shared genetic mechanisms underpin social life in bees and humans

[Press-News.org] A study from IMDEA Software researchers reveals hidden fortunes and surprising overestimations in cybercrime revenue
IMDEA Software researchers show that cybercriminals’ Bitcoin revenue is largely underestimated and may be up to 39 times higher