BlocksInform
Tags: security, crypto crime, piracy, ransomware.
Blockchain analytics firm Chainlaysis shared the data as part of its upcoming 2023 Crypto Crime Report, emphasising that the reduced revenue doesn’t necessarily mean the number of ransomware attacks has fallen.
What has changed is that businesses have increased their cybersecurity and that the victims of ransom are increasingly unwilling to pay hackers.
In 2021, ransomware revenues amounted to $602 million ($486 million) when the chainalysis released last year's crypto crime report. The total number increased to $766 million (?618 million) while other illicit crypto portfolios were identified throughout the year.
Chainalysis says that blockchain is helping to stop ransomware attackers from rebranding themselves and harming more victims:
“Despite ransomware attackers’ best efforts, the transparency of the blockchain allows investigators to spot these rebranding efforts virtually as soon as they happen.”
Chainalysis says that blockchain helps to stop ransomware attackers from rebranding and harming more victims:"Notwithstanding the best efforts of ransomware attackers, blockchain transparency allows investigators to identify these rebranding efforts almost immediately."
Chainalysis also found that the use of mixer protocols, like the now-sanctioned Tornado Cash, rose from 11.6% to 15% in 2022.
Chain analysis also found that the use of mixing protocols, such as Tornado Cash, increased from 11.6 per cent to 15 per cent in 2022.
Allan Liska, a Registered Future threat intelligence analyst, I said it in Chainalysis, United States, the Foreign Asset Control Office's potential sanctions could contribute to lower revenues.
Since 2019, the percentage of victims who have paid their abusers has increased from 76 percent to 41 percent, according to Coveware CEO Bill Siegel's analysis.
Ensuring cybersecurity has also become more stringent in terms of standards. Liska said:
“Cyber insurance has really taken the lead in tightening not only who they will insure, but also what insurance payments can be used for, so they are much less likely to allow their clients to use an insurance payout to pay a ransom.”
The revenue drop came despite an explosion in the number of unique ransomware strains in circulation, according to cybersecurity firm Fortinet.
Siegel pointed out that although competition in the ransomware space appears to be increasing, many of these new strains originate from the same organisations:
”The decline in income has occurred despite an explosion in the number of single strains of ransomware in circulation, according to cybersecurity company Fortinet. Siegel stressed that while competition in ransomware space seems to be growing, many of these new strains come from the same organizations:
The number of people involved in ransomware is unbelievably low compared to perception, perhaps a few hundred.
They're the same perpetrators, All they're doing is painting their travel cars." The chainalysis has explained that exact totals for its ransomware numbers will continue to grow throughout 2023 as it uncovers more crypto addresses controlled by ransomware attackers. Check out Blockchain Expo taking place in Amsterdam, California and London.
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Tags: chainalysis, crypto crime, hacking, ransomware
