Ransomware Revenue Falls by 40% as Majority of Victims Refuse to Pay

Abdul Karim Abdulwahab reports:

The illegal revenue accruing to crypto criminals from ransomware exploits declined in 2022 as more victims refused to pay, according to recent data published by market intelligence firm, Chainalysis.

The report noted that Ransomware attackers could only extort $456 million from victims in 2022 after stealing nearly twice that value in the previous year. Chainalysis hinted that the actual figures could be much higher as there are crypto addresses controlled by ransomware attackers yet to be identified on the blockchain and incorporated into its data.

The analytic firm noted that the drop in revenue does not imply a decline in ransomware attacks. Instead, according to research from cybersecurity firm Fortinet, the exploit exploded in 2022, with over 10,000 unique ransomware strains in operation in the first half of the year.

Read more at Coin Edition.

Chainanalysis’s report can be found at their site, https://blog.chainalysis.com/reports/crypto-ransomware-revenue-down-as-victims-refuse-to-pay/

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