Attackers in this modality are on track for their second most successful year, having extorted at least $449.1 million through June.
income from crypto scams plummeted in the first half of 2023, according to a report from chainalysis. The analytics platform blockchain discovered that cryptocurrency scammers made up to US$3.3 billion less this year than in 2022.
The scams of identity fraudin which scammers pose as by law enforcement officers or other authority figures to extort victims, have seen a 23% drop in revenue so far in 2023, compared to 77% of scams overall.
Although this decline is encouraging, the data reveals that the number of individual transfers to addresses of scams of identity theft increased by a 49% year over year. This suggests that even if there are fewer people falling into these types of traps, more individuals have been victims of them in 2023. Therefore, it is evident that the forces of order and regulatory compliance teams about cryptocurrencies They can’t let their guard down.
Cryptocurrencies: beware of ransomware
However, there is one form of cryptocurrency-based crime that is on the rise during 2023: the ransomware. Attackers of this modality are on track to achieve their second most successful yearhaving extorted at least US$449.1 million until June. If this trend continues, ransomware attackers they could extort up to US$898.6 million from the victims in 2023, falling behind only the US$939.9 million registered in 2021.
The decrease in the average amount of redemptions during 2022 was due to improvements in cybersecuritydata backup practices by large organizations, law enforcement efforts, and sanctions against services that facilitated payments to ransomware gangs.
Said advances will affectn the operations of the attackers and allowed many victims to resist the attacks without having to pay. However, in 2023 a change of strategy is observed on the part of the attackers of ransomware. Many organizations refuse to pay, leading attackers to increase ransom demands with the intention of obtaining the most money possible from companies willing to pay. In addition, more extreme extortion techniques have been recorded, such as the harassment of employees of companies that have not yet paid.
Also, the war between Russia and Ukraine could also have influenced the decrease in ransomware in 2022, diverting ransomware operators from financially motivated cyber intrusions. However, in 2023, the ecosystem of this modality has rebounded with record incident numberss, showing that it remains a significant threat that requires constant attention.
In conclusion, except for the ransomware, crypto crime as a whole shows decline in 2023. These data reflect the efforts of the public and private sectors to combat criminal activity, as well as the measures implemented by cryptocurrency companies to protect users and prevent hacks. However, the persistent problem of ransomware underlines the importance of staying vigilant and further strengthening cybersecurity and data backup procedures for greater protection.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
