• In a new report, Chainalysis has determined that ransomware earnings have significantly dropped in 2022.
• This could be attributed to victims being less willing to pay up to attackers, resulting in less successful extortion attempts.
• Chainalysis estimates that the actual total of ransomware attacks could be much higher than what is reported.

Crypto-related attacks have been rampant in the past year, and ransomware has been no exception. According to a new report released by blockchain analytics company Chainalysis, ransomware earnings have significantly dropped in 2022. This could be attributed to victims being less willing to pay up to attackers, resulting in less successful extortion attempts.

The report revealed that over 10,000 unique strains of ransomware were active in the first half of the year. This data was also confirmed by on-chain data. It showed that the total amount of money extorted by ransomware attackers dropped by 25%, from $350 million to $260 million, from the first half of 2021 to the first half of 2022.

Chainalysis estimated that the actual total of ransomware attacks could be much higher than what is reported. This is because victims are becoming more and more reluctant to pay up. The company also stated that the number of attacks has been increasing at an alarming rate, but the amount of money extorted has been decreasing.

The report also shed light on the factors that are contributing to the decrease in ransom payments. It found that victims are increasingly looking for alternative solutions to their ransomware issues, such as using computer backups and other forms of data security. Furthermore, it suggested that cryptocurrency exchanges and other institutions are also taking steps to prevent attackers from cashing out their funds.

Chainalysis concluded that the decrease in ransom payments is a positive sign. It shows that victims are becoming more aware of the risks posed by ransomware attackers, and are taking the necessary measures to protect themselves. It also indicated that the industry is moving in the right direction, and that more needs to be done to ensure that victims are better protected in the future.

Comments are closed.