• The annual report from on-chain analytics firm Chainalysis on ransomware attacks highlights a significant decrease in these activities, with total funds from ransomware hackers received from victims plummeting to $456 million in 2022 from $765.6 million in 2021.
• 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.
• Bitcoin’s price is currently hovering above $21,000 in the daily market.
The crypto industry has seen a lot of growth over the past few years, but with it has come a rise in cybercriminal activity in the form of ransomware attacks and money laundering. To combat this, regulators around the world have stepped up their efforts to bring more transparency to the industry. This has had a tangible effect, as a recent report from on-chain analytics firm Chainalysis on the ransomware attack has revealed a significant decrease in these activities.
According to the report, the total funds from ransomware hackers received from victims has plummeted to $456 million in 2022 from $765.6 million in 2021, a decrease of 40.58%. Chainalysis states that the actual amount could be much higher than this, as not all addresses linked to attacks have been identified. While the decrease could be seen as a result of hackers limiting their efforts, it is actually due to organizations refusing to pay the criminals, in combination with stricter cybersecurity measures pushed by regulators.
This decrease in ransomware attacks has come at an interesting time, as Bitcoin’s price is currently hovering above $21,000 in the daily market. It remains to be seen whether this trend of decreased ransomware activity will continue as the crypto industry continues to grow, but it is encouraging to see that regulators are taking steps to ensure that the industry remains secure.