Ransomware Crypto payments plunges by 40% but there is a catch: Report

Reportedly people are not paying crypto money to ransomware attackers, which is causing a big downfall in the revenue for ransomware attackers. 

Ransomware is a trick to attack a personal computer via suspicious links or phishing websites. In the present time, the majority of the Computer operating systems (Os) & Antivirus software are perfect to fight against ransomware attacks but a huge number of the population doesn’t use verified Os or Antivirus software, which further attracts Ransomware attacks. In Ransomware attacks, hackers ask for money in the form of crypto assets in return to unlock the PC.

Recently Crypto analytic platform Chainalysis published its annual report on Crypto ransomware attacks and noted that the revenue of these attackers decreased by 40.5% in 2022 over 2021. 

Through the Ransomware attacks, attackers received a total of $765.6 million worth of Crypto assets in 2021, while these attackers received only $456 million in the last year. 

The report noted that downfall in the revenue for ransomware attackers took place because of the regulator’s move to push organisations to apply stricter cybersecurity measures. Perhaps, ransomware attackers didn’t reduce their attack efforts, instead, victims refused to pay money.

“That doesn’t mean attacks are down, or at least not as much as the drastic dropoff in payments would suggest. Instead, we believe that much of the decline is due to victim organizations increasingly refusing to pay ransomware attackers,” the report stated.

Regulatory actions on Crypto mixing tools 

It is worth noting that over the last few years, US authorities imposed regulatory restrictions on the use of Crypto mixing services, to prohibit illegal Crypto transactions & easily track them at the end of the cashout point. 

In 2022, the Ethereum blockchain-based Tornado Cash platform faced ban action from the US OFCA agency. Perhaps US authorities faced huge criticism for such decisions but they never tried to lift the ban from Tornado Cash. 

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