Analysts have recorded a 40% drop in crypto ransomware revenues in 2022

According to Chainalysis, companies have stepped up security measures and are paying ransom to hackers less frequently

20.01.2023 - 14:00

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What’s new? Analytics company Chainalysis has published a report with information on the revenues of scammers using ransomware to get a ransom in crypto. According to Chainalysis, the attackers’ revenue decreased by 40% — from $766 million sent by victims for decrypting data in 2021 to $456,8 million in 2022.

Report on the Chainalysis blog

What influenced the decline in revenue? According to analysts, companies have become more focused on securing their data and protecting themselves from cyber threats. Another factor has been the proliferation of blockchain analytics tools that can trace stolen assets and freeze them when transferred to other platforms. In addition, ransomware victims are less likely to agree to ransom payments to decrypt compromised data. In 2021, 50% of victims paid the scammers, but in 2022, only 41% of companies opted to pay the ransom.

Analysts also note that in 2022, the number of withdrawals by ransomware attackers through centralized exchanges (CEXs) increased by 9% and the number of cases of using mixers increased by 3,4%.

Earlier, Chainalysis analysts published a report on the volume of funds related to illegal activities in the field of digital assets. It reached a record $20,1 billion in 2022. The growth of illegal cryptocurrency turnover is associated with an increased number of transactions by companies under US sanctions.

A total of about $3,7 billion was lost as a result of fraudulent schemes and hacks of crypto projects in 2022, according to cybersecurity company CertiK, which was the worst result in the entire history of observations.

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