Crypto-related crime on the decline, but ransomware attacks are increasing
According to a new report from Chainalysis, crypto-related crime has significantly decreased. Here are the key points from the report:
– Daily crypto inflows into illicit services have decreased compared to previous years.
– From January to June, crypto inflows into illicit entities have dropped by 65% from the same period last year.
– The decline in illicit crypto transactions has outpaced the overall decline in crypto transactions due to the slump in token prices.
– Legitimate crypto services have seen a 28% drop in inflows, indicating a market pullback but less severe than illicit transactions.
– However, ransomware attacks are increasing in prevalence and are on track for their second-biggest year on record.
– Ransomware attackers have already extorted around $449.1 million since the beginning of the year through June.
– If this pace continues, ransomware attackers could extort $898.6 million from victims in 2023, trailing only 2021’s $939.9 million.
Hot Take: Crypto crime is on the decline, but ransomware remains a threat
While it’s positive to see a decrease in overall crypto-related crime, the rise in ransomware attacks is concerning. Ransomware attackers continue to exploit vulnerabilities and extort significant amounts of money from their victims. It’s crucial for individuals and organizations to prioritize cybersecurity measures and stay informed about the latest threats in the crypto space.
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