Crypto Ransom Payments Surged 76.4% To $1.1 Billion In 2023 — Number Of Threat Actors See 'Astronomical' Growth

Contrary to the previous year’s decline, 2023 saw ransom payments made in cryptocurrency reach a staggering $1.1 billion, marking a new record. This surge in ransom payments was primarily driven by an increased number of high-profile infrastructure and institution attacks.

What Happened: As reported on Thursday by Business Insider, Chainalysis, a cryptocurrency intelligence firm, released data showing a sharp 76.4% rise in ransom payments from the $567 million reported in 2022.

“The astronomical growth in the number of threat actors carrying out ransomware attacks is a major factor contributing to this increase,” stated Allan Liska, a Threat Intelligence Analyst at cybersecurity firm Recorded Future.

See Also: ‘First Memecoin I’ve Seen That Can Rival Doge/Shib’: Crypto Fund Buys TRUMP Token

Why It Matters: Chainalysis cited the potential for high profits and lower entry barriers as significant attractions for new threat actors. The firm also highlighted the emergence of “ransomware as a service,” a new trend that allows less technically skilled criminals to launch attacks, as a contributing factor to the increase in attacks.

Interestingly, the record-breaking ransom payments of 2023 starkly contrast with the trends of the previous year. In 2022, there was a notable decrease in crypto-ransomware attacks due to a shift in cybercriminal focus and the successful intervention efforts of the FBI.

Notwithstanding the overall rise in ransom payments, Chainalysis reported a 41% decrease in the amount of crypto stolen in 2023 from North Korean-associated cryptocurrency platform hacks.

Read Next: ‘Dogecoin Killer’ Shiba Inu Shines Despite Almost 7% Monthly Loss: ‘Shiba Inu Sails Steadily,’ Analyst Sa

Image Generated With Artificial Intelligence Via DALL-E

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsAllan Liskabenzinga neuroChainalysis
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!