• Annual report from on-chain analytics firm Chainalysis on ransomware attacks reveals that the revenue of ransomware attacks fell by 40.58% in 2022.
• Revenue dropped for cybercriminals is tied to the regulator’s move to push organizations to apply stricter cybersecurity measures.
• Bitcoin’s price is currently hovering above $21,000 in the daily market.
The crypto industry has seen a surge in the number of ransomware attacks and money laundering activities, making it a prime target for financial watchdogs to regulate the sector more tightly. On-chain analytics firm Chainalysis recently published its annual report on the ransomware attack which showed a considerable decrease in the revenue hackers received from victims.
The report highlighted that the total funds from ransomware fell to $456 million in 2022 from $765.6 million that was recorded in 2021. It is believed that the amount could be much higher than the recorded figure as not all addresses linked to the attacks have been identified. It is further believed that the decrease in the revenue is due to the organizations choosing to stand up to the criminals rather than paying them.
In addition to this, regulators have been pushing organizations to implement stricter cybersecurity measures to protect their digital assets. This has contributed to the decline in the revenue of the ransomware attackers.
On the other hand, the market price of Bitcoin is currently hovering above $21,000 in the daily market. This has been an all-time high for the leading cryptocurrency, which has seen a rise in its price since the beginning of the year. It is believed that the rise in the price of Bitcoin is due to the increasing institutional investments in the cryptocurrency market.
Overall, the crypto industry has seen a decrease in the ransomware activities due to the organizations refusing to pay the criminals and the regulators pushing for stricter cybersecurity measures. This has been a positive development for the sector, which is seeing an increasing number of institutional investments. The market price of Bitcoin has also been on the rise, which is a testament to the growing popularity of the leading cryptocurrency.