A startling 7% of Canadian cryptocurrency owners have used digital assets to pay ransom demands to computer hackers, according to a recent survey by the Ontario Securities Commission. The findings shed light on the disturbing trend of ransomware attacks, which hit record highs of $1.1 billion in 2023.
The survey revealed that while 40% of Canadian crypto holders either cashed out or exchanged their coins, only 18% utilized the assets for purchasing goods and services. An equal proportion earned yield through stablecoin lending.
A separate report by Chainalysis noted that cybercriminals increasingly focused on extracting larger ransoms exceeding $1 million, employing sophisticated tactics to evade law enforcement. Ransom payments often flowed through non-KYC exchanges, individual exchangers, and cryptocurrency mixing services.
Further insights from the OSC survey indicated that 21% of Canadians hold modest crypto investments under $1,000, with nearly half storing their assets on centralized exchanges rather than hardware wallets. Word-of-mouth and social media were the primary sources for learning about cryptocurrencies, though a fifth cited financial media.
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Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
