Ransomware Gangs Exceed $1 Billion in Crypto Payments in 2023
In 2023, ransomware gangs reached a new milestone by collecting over $1 billion in crypto payments from victims, according to data released by Chainalysis. The figure represents a 10% increase from the previous record set in 2021. Chainalysis analysts warn that ransomware is an escalating problem and that the numbers provided are likely conservative estimates that will continue to rise as new ransomware addresses are discovered.
Changing Landscape and Tactics
The ransomware arena underwent significant changes in 2023, characterized by shifts in tactics, affiliations among threat actors, and the proliferation of Ransom-as-a-Service strains. Ransomware attackers have become more efficient and aggressive in their operations.
Transition to Stablecoins
A transition has been observed in the types of assets involved in crypto crime. In 2023, illicit crypto addresses received over $24 billion worth of cryptocurrency, with stablecoins constituting the majority of illicit transaction volume. This marks a shift from previous years where other cryptocurrencies dominated.
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