65% Decrease in Cryptocurrency Crime Overall
The data comes from a blockchain analytics company Linkage analysis And the new report uncovered a full spectrum of cryptocrime categories. it’s not Ransomware has declined in the first half of 2023.
Scams, hacks, scam shops and darknet market revenues are all declining. All crime categories combined show a cumulative 65% reduction in revenue loss compared to this time last year.
Fraud, in particular, has plummeted, down a staggering $3.3 billion from last year. The company attributed this in part to “exit fraud” by two “major frauds”: VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management. These groups got the cash and, overall, much less money was scammed.
Why is ransomware so prevalent?
But ransomware is doing well. In pounds, cumulative ransomware revenue in 2023 is his 90% of total ransomware revenue in 2022. And the year is only half over.
Chaina Analysis points to two reasons that help explain the rising trend of crypto-ransomware.
“First, the big game hunt, or the targeting of large, well-funded organizations by ransomware attackers, appears to have rebounded after a lull in 2022. At the same time, the number of successful smaller attacks also increased. Both trends are evident in the chart below, which shows how the distribution of ransomware payout sizes has changed since 2020.”
In other words, cryptocurrencies are under attack from two sides. Large attacks are getting bigger and smaller attacks are increasing in number.
