NEW YORK—While overall crypto proceeds, including from crimes such as scams, fell dramatically over the past year, ransomware funds are expected to hit $899 million in 2023, a new report is forecasting.
Crypto transfers to known illicit entities such as scam sites, darknet markets and fraud shops plummeted 65% in 2023 year-to-date compared to 2022, while risky entities such as mixers and high-risk exchanges saw a 42% decline, Chainalysis said in a midyear report.
But ransomware-related funds continue to grow in 2023, the researchers said. Attackers extorted $175.8 million more in 2023 than they did during the same period in 2022, reported Bank Info Security in its analysis
“Cybercriminals focused on big-value attacks, increasing the number of both very large and very small attacks and extorting at least $449.1 million through June this year,” Bank Info Security stated. “If the pace continues, they are likely to extort $898.6 million by the end of the year, trailing only 2021's $939.9 million.”
‘Big Game Hunting’
Added Chainanalysis, "Big game hunting - that is, the targeting of large, deep-pocketed organizations by ransomware attackers - seems to have bounced back after a lull in 2022.”
Chainanalysis added the rebound is being seen in payments and attacks.
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