Security News > 2023 > July > Ransomware Extortion Skyrockets in 2023, Reaching $449.1 Million and Counting

Ransomware has emerged as the only cryptocurrency-based crime to grow in 2023, with cybercriminals extorting nearly $175.8 million more than they did a year ago, according to findings from Chainalysis.

"Ransomware attackers are on pace for their second-biggest year ever, having extorted at least $449.1 million through June," the blockchain analytics firm said in a midyear crypto crime report shared with The Hacker News.

"If this pace continues, ransomware attackers will extort $898.6 million from victims in 2023, trailing only 2021's $939.9 million."

More than 17.7 million individuals are said to be impacted as a result of the ransomware attacks.

While law enforcement efforts to actively pursue ransomware groups and sanction services offering cashout services, coupled with the availability of decryptors, have emboldened victims to not pay up, it's suspected that the trend "May be prompting ransomware attackers to increase the size of their ransom demands" to extract funds from companies who are still willing to settle.

"It stands to reason that the conflict disrupted ransomware operators' ability to conduct attacks or perhaps even their mandate for such attacks," especially considering that a majority of ransomware actors are tied to Russia.

News URL

https://thehackernews.com/2023/07/ransomware-extortion-skyrockets-in-2023.html