Crypto Traders Battle Ransomware Hackers, Payouts Drop 40% to $456.8M in 2022

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Crypto traders refused to pay ransomware hackers, leading to a 40% drop in the amount received from victims in 2022. Hackers received $456.8 million from their victims in 2022, down from $765.6 million they had pocketed in 2021, based on data from analytics firm Chainalysis. . Chainalysis’ research report indicates a 10.4% drop in attacks and a 40.3% drop in overall ransomware revenue.

Crypto traders are refusing to pay ransomware hackers, and their exploit dropped 40% year-over-year from 2021 to 2022. Blockchain analytics firm Chainalysis has shared details of the funds raised by the ransomware hackers in a new report.

Also read: Mysterious investor earns $55,400 in 20 minutes on Binance, insider trading or not?

Crypto Traders Deny Ransomware Hackers, Marking Year-on-Year Drop in Collection

Cryptocurrency traders refused to give in to ransomware hackers in 2022. Market participants who fell victim to the attack refused to pay the attackers. In 2022, hackers earned 40% less than the cryptocurrency they pocketed in 2021. A drop from $765.6 million to $456.8 million marked a 40% drop in funds received by hackers’ wallet addresses, according to blockchain analytics firm Chainalysis.

There may be a discrepancy between the actual amount received as not all crypto wallets are controlled by ransomware hackers. Ransomware researcher Allan Liska noted a significant decrease in the number of attacks between 2021 and 2022, from 2,865 to 2,566. Interestingly, there was a 10.4% drop in attacks and a drop in 40.3% of global ransomware revenue.

The number of malware used by attackers in 2022 has skyrocketed. Fortinet, a cybersecurity firm, identified 10,666 new ransomware variants in the first half of 2022. That’s nearly double from 2021.

Experts believe that one of the main reasons for the drop is that cyber insurance companies are less willing to help their customers pay ransoms and insist on stricter security measures to prevent attacks in the first place. Interestingly, the lifespan of each variant of ransomware code gets shorter over the years. In 2022, the average ransomware strain remained active for 70 days, up from double that to 153 days in 2021 and 265 days in 2020.

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