Ransomware Attacks Surge, Crypto Crime Declines: Chainalysis
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Ransomware attackers are on track to record their second-highest year ever, having extorted a staggering $449.1 million in cryptocurrency payments during the first half of 2023, according to the latest Chainalysis Mid-Year Report. If this trend continues, victims could face extortion totaling $898.6 million by year’s end, falling just short of the record-breaking $939.9 million seen in 2021.
The Chainalysis mid-year report highlights a significant reversal in ransomware revenue fortunes compared to the previous year. While 2022 witnessed a substantial decline in ransomware profits, 2023 has seen a resurgence in large-scale attacks on deep-pocketed organizations, commonly known as “big game hunting.” Additionally, there has been a notable increase in successful smaller attacks, contributing to the overall growth in ransomware payments.
Changing Landscape of Ransomware Payments
Analyzing the distribution of ransomware payment sizes since 2020, Chainalysis reveals noteworthy shifts. This year, there has been a rise in the number of very small payments as well as a substantial increase in larger payments.
Furthermore, the payment size distribution has expanded to encompass higher amounts compared to previous years, indicating growth in ransomware payments at both ends of the spectrum.
Crypto Crime Declines Amidst Law Enforcement Efforts
Apart from the surge in ransomware attacks, Chainalysis data demonstrates a sharp decline in overall crypto crime activities in 2023. The report highlights a significant reduction in illicit funds flowing into suspicious addresses, indicating the effectiveness of combined efforts by both public and private sectors.
Law enforcement pressure, coupled with enhanced security measures implemented by crypto businesses, has contributed to protecting users from scams and preventing the previous year’s hacking incidents, particularly within DeFi protocols.
Final Word: The Ongoing Battle Against Crypto Crime
While the decline in crypto crime is a positive development, the persistence of these attacks emphasizes the need for continued vigilance. Despite progress in combating other forms of cryptocurrency-based crime, ransomware remains a potent threat, necessitating constant efforts to address this evolving challenge.
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