Ransomware revenue for hackers falls 40% as victims think twice

Security

Ransomware attacks may be coming less effective, as revenue from ransomware fell by 40% to $456 million (£368m) in 2022.

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 companies have been upping their cybersecurity measures and ransom victims are becoming less willing to pay up to...

21 January 2023 | Blockchain Applications

Crypto-based crime outpaced by total market’s growth in 2021

Crypto-based Crime

Crypto-based crime hit an all-time high in 2021, but the growth of the digital assets market as a whole far surpassed the rise in illicit activity.

A record $14 billion (£10.4bn) flooded into crypto wallets with criminal associations in 2021, more than doubling from the previous year, according to blockchain analytics firm Chainalysis.

Whilst this 79% increase may seem substantial, total market transaction volume grew by 567% from 2020’s totals. This leaves...

6 January 2022 | Cyber Security

Chainalysis investigation shows connections between four notorious ransomware strains

Chainalysis, a blockchain analysis company, has released part of a report showing potential connections between four major ransomware cybercrime groups.

The company's 2021 Crypto Crime Report, which is due to be fully released in February, analyses blockchain ledgers to identify how cybercriminals are using cryptocurrencies.

Maze, Egregor, SunCrypt, and Doppelpaymer are the primary groups identified in the report.

Use of ransomware massively increased in 2020,...

9 February 2021 | Cryptocurrency