February 9, 2024 at 04:09PM
Ransomware payments soared in 2023, doubling compared to the previous year, exceeding $1 billion. Chainalysis found a total of $1.1 billion in cryptocurrency wallets used by cybercriminals to receive payments, a significant increase from $557 million in 2022. The report also highlighted an increase in ransomware attacks and the laundering methods used by cybercriminals.
Key takeaways from the meeting notes are as follows:
– Payments made by victims of ransomware attacks doubled in 2023 compared to the previous year, exceeding $1 billion, according to Chainalysis.
– Chainalysis found a total of $1.1 billion in cryptocurrency wallets known to be used by cybercrime groups to receive ransom payments from victims, up from $557 million in 2022.
– The figures only represent the actual ransom payments, not other damages suffered by companies hit by ransomware.
– The number of threat actors involved in ransomware attacks increased in 2023, with 538 new ransomware variants identified.
– Ransomware-as-a-service and initial access brokers have made it increasingly easy for cybercriminals to conduct attacks.
– Chainalysis found that centralized cryptocurrency exchanges and mixers appear to be the preferred methods for cybercriminals to launder ransomware payments, with new services for laundering also emerging in 2023.
The meeting notes also referenced related articles on cryptocurrency hacks and North Korean hackers’ involvement in cryptocurrency theft, as well as key learnings from “Big Game” ransomware campaigns.