•An annual report from on-chain analytics firm Chainalysis on ransomware attacks highlights a significant decrease in these activities in 2022.
•The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
•This decrease is due to organizations applying stricter cybersecurity measures and victims refusing to pay ransom to cybercriminals.
The cryptocurrency sector has been a target of hackers and cybercriminals for some time now, leading to an increase in the number of ransomware attacks and money laundering activities. In an effort to bring more transparency to the crypto industry, global regulators have been pushing organizations to apply stricter cybersecurity measures. This, in turn, has led to a significant decrease in ransomware attacks according to an annual report from on-chain analytics firm Chainalysis.
The report states that the total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021. It is believed that the decrease is due to organizations standing up to criminals instead of paying them. This is not to say that the attacks are down, as Chainalysis believes that much of the decline is due to victims refusing to pay the attackers.
The increased pressure from global regulators to bring more transparency to the crypto industry has certainly played a role in decreasing the number of ransomware attacks. However, the efforts of victims to stand up to criminals instead of succumbing to their demands has also contributed to the decreasing trend.
As the crypto sector continues to grow, it is important that users remain vigilant and take additional measures to protect their data and funds from malicious actors. While global regulators are doing their part to ensure the safety of users, it is ultimately up to the individuals to ensure their own security. By taking a stand against cybercriminals and implementing the latest security measures, users can help protect themselves from potential attacks.