-In Chainalysis’ 2023 Crypto Crime Report, it was revealed that ransomware revenue dropped 40% to $456.8 million in 2022.
-This was attributed to companies tightening their cybersecurity measures and victims refusing to pay attackers their demands.
-Ransomware attackers resorted to centralized cryptocurrency exchanges 48.3% of the time when reallocating the funds, up from 2021’s figure of 39.3%.
In a recent report from Chainalysis, the blockchain intelligence firm revealed a 40% drop in ransomware revenue in 2022, with total value extorted by ransomware attackers between 2017 and 2022 amounting to over $602 million. This figure was later bumped up to $766 million when additional cryptocurrency wallet addresses were identified.
As ransomware victims have become increasingly unwilling to meet the attackers’ demands, this has had a direct impact on revenue for those involved in the extortion. Furthermore, companies have also been forced to tighten their cybersecurity measures in order to prevent an attack from occurring in the first place. This has further hindered the ability of attackers to successfully extort money.
Furthermore, the transparency of the blockchain has meant that attackers are having an increasingly hard time getting away with it. Despite their best efforts, investigators are able to spot rebranding efforts virtually as soon as they happen. Thus, attackers have resorted to centralized cryptocurrency exchanges 48.3% of the time when reallocating the funds, up from 2021’s figure of 39.3%.
The findings of Chainalysis’ 2023 Crypto Crime Report suggest that ransomware victims are taking a stand and refusing to pay attackers their demands. This, coupled with companies taking measures to ensure their networks are secure, has resulted in a 40% drop in revenue for ransomware attackers in 2022.