Ransomware Payments Plunge 40.58% as Cybercriminals Turn to Privacy Coins

1: according to a new report by blockchain forensics firm chainalysis, ransomware payments have decreased by 40.58%. cybercriminals have been using ransomware to demand bitcoin or other cryptocurrencies in malicious attacks, resulting in calls for stricter regulations or outright bans of digital assets. the biden administration has recently stepped up its efforts to combat cybercrime, making combating ransomware a priority.

2: in june 2021, the biden administration announced its plans to increase tracking of cryptocurrency transactions as part of its fight against cybercriminals. in august 2022, the u.s. treasury department added the ethereum mixing service tornado cash to its specially designated nationals list, effectively banning the coin mixer in the united states. ransomware attackers extorted at least $456.8 million in funds in 2022, compared to $765.6 million the year before.

3: cybercriminals have traditionally demanded bitcoin in ransomware attacks, but cybersecurity firm kaspersky states that privacy coins like monero and zcash are becoming popular due to their underlying technology. stolen funds from ransomware attacks in 2022 were laundered through centralized exchanges, gambling websites, or coin mixers. the share of ransomware funds going to mainstream exchanges grew from 39.3% in 2021 to 48.3% in 2022, while the share going to high-risk exchanges fell from 10.9% to 6.7%. victim organizations are increasingly refusing to pay ransomware attackers, leading to a decrease in ransomware payments.


By Evey Lovelace

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