Ransomware Payments are at a Record High for 2023

The significant plunge in cyber crimes shows a decent rise in legitimate services in the mid of this year, 2023.

However, the rise in ransomware attacks still continues to threaten individuals and organizations, and the proliferation of cyber crimes related to ransomware could be seen.

The recent chain analysis report shows a 65% decrease in crypto inflows to known illicit entities in the past two years, while a surge of 80% in cryptocurrency values has been observed.

Ransomware attacks are increasing, and attackers are on track for their second-highest earning year ever. As of June, they have already extorted a minimum of $449.1 million.

Payment Inflows

The year 2023 so far has been seen as a year of recovery for cryptocurrency after a chaotic 2022, with prices of digital assets like Bitcoin up over 80% as of June 30.

The above graph shows the cumulative inflow to legitimate, risky, and illicit services over the year 2023, where we could see a 42% down in risky inflows and only a 28% decline in legit services in spite of the lousy market.

SCAMS High as Usaual:

Scams are always the highest-revenue form of cryptocurrency-based crime, but after the disappearance of two major scams, total scam revenue has plummeted compared to last year.

By the end of June, crypto scams had made 77% less money than they had by the same time in 2022.

The scam revenue decline is largely driven by the abrupt disappearance of two large-scale scams: VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management.

Usually, these scams are immediately replaced by other scams but the industry and law enforcement are becoming more vigilant to circumvent new scams.

The impersonation scams are increased to 49%, which shows that more people have fallen victim to impersonation scams in 2023

Ransomware Attacks on Raise

Ransomware attacks are on the rise, with attackers having extorted at least $449.1 million through June.

Some ransomware strains have payment sizes at both ends of the spectrum, as reflected by their average and median values.

If it continues, ransomware attackers will extort $898.6 million from victims in 2023, trailing only 2021’s $939.9 million.

This year, ransomware incidents have reached an all-time peak and have become more sophisticated.