• The revenue of ransomware attacks fell by 40.58% in 2022, according to a report from on-chain analytics firm Chainalysis.
• The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
• Global regulators are striving to bring transparency in the crypto sector, and organizations are increasingly refusing to pay ransomware attackers.
The crypto industry is growing at a rapid pace, however, this growth has attracted its fair share of hackers and cybercriminals. The financial watchdogs have been paying close attention to the sector and are making efforts to regulate it more tightly. This is mainly due to the rising trend of ransomware attacks and money laundering activities.
An annual report from on-chain analytics firm Chainalysis on the ransomware attack has highlighted a significant decrease in these activities. According to the report, the revenue of ransomware attacks fell by 40.58% in 2022, with the total funds from ransomware that hackers received from victims plummeting to $456 million in 2022 from $765.6 million in 2021. Chainalysis further believes that the amount could be much higher as not all addresses linked to attacks have been identified.
The decreasing trend of ransomware attacks is largely due to the efforts of global regulators. Regulators are pushing organizations to apply stricter cybersecurity measures, and organizations are choosing to stand up to criminals instead of paying them. This has been a major factor in reducing the revenue of ransomware attacks.
The report also states that the price of Bitcoin is currently hovering above $21,000 in the daily trading session. This could be a positive sign for the crypto sector as it indicates a growing trust in the digital asset.
Ransomware attacks and money laundering activities have been a major concern for the crypto sector. However, the efforts of global regulators and organizations to stand up to criminals have been successful in decreasing the revenue of ransomware attacks. This could be a positive sign for the crypto sector as it indicates a growing trust in the digital asset.
