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ransomware

Ransomware Payments Decreased By 40% In 2022, Chainalysis Reports

Jammy Hunts
by Jammy Hunts
2 years ago
·
Posted in Cybercriminals
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As with many other sectors, the crypto industry has attracted hackers and cybercriminals. Consequently, the growing ransomware attacks and money laundering activities turned financial watchdogs on their toes to regulate the industry more tightly.

As global regulators strive to bring transparency in the crypto sector, an annual report from on-chain analytics firm Chainalysis on the ransomware attack highlights a significant decrease in these activities. As per the report, the revenue of ransomware attacks fell by 40.58% in 2022.

More specifically, the total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021. However, Chainalysis claims that the amount could be much higher as not all addresses linked to attacks have been identified.

Related Reading: This Report Says Crypto Is Second Most Owned Asset By Women

Interestingly, the revenue dropped for cybercriminals is tied to the regulator’s move to push organizations to apply stricter cybersecurity measures, not due to the hackers limiting their efforts to target victims. The latter’s convictions to choose to stand up to criminals instead of paying them contributed to this decreasing trend.

The report reads:

That doesn’t mean attacks are down, or at least not as much as the drastic dropoff in payments would suggest. Instead, we believe that much of the decline is due to victim organizations increasingly refusing to pay ransomware attackers.

BTCUSD
Bitcoin’s price is currently hovering above $21,000 in the daily chart. | Source: BTCUSD price chart from TradingView.com

Ransomware Payments Plummet Significantly

In contrast to the recent stats, ransomware payment barriers have increased significantly. For example, 76% of victims fulfilled the demands of attackers after hitting a ransomware attack in 2019, while 24% of victims preferred to stand up to the bad actors, per the report. While in 2022, 59% of the victims refused to pay the extortions, representing a notable change in the trend.

In ransomware attacks, bad actors control a user’s system using malware software and then lock it to deny access or threaten to leak sensitive information if the victim does not fulfill the attacker’s demand. Cyber attacks usually include digital extortion; phishing attacks are this field’s most widely used vectors.

Additionally, the research firm unveiled that criminals used centralized exchanges, crypto mixer tools, and gambling websites to launder illegal funds from the ransomware attacks of 2022. The report added;

The share of ransomware funds going to mainstream exchanges grew from 39.3% in 2021 to 48.3% in 2022, while the share going to high-risk exchanges fell from 10.9% to 6.7%.

In the report, Chainalysis uncovered that the use of the Ethereum-based mixer tool Tornado Cash has increased from 11.6% to 15.0% in 2022. It is the same privacy tool the U.S. Treasury imposed sanctions to in August last year. Officials alleged that criminals laundered over $7 billion using this protocol. 

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jammy Hunts

Jammy Hunts

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Jammy is a veteran writer in the cryptocurrency industry, with over a decade's experience covering the latest trends and developments in the market. A recognized expert in the field, Jammy has contributed to some of the world's leading publications, providing insightful analysis and in-depth coverage of the most important issues facing the crypto world today. With a keen understanding of blockchain technology and its potential applications, Jammy is committed to educating readers about decentralized finance's power and its transformative impact on the global financial system. Whether discussing the latest token offerings or exploring the potential of decentralized exchanges, Jammy brings a wealth of knowledge and expertise to every article.

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