• According to the new Chainalysis report, crypto-related crimes have significantly decreased in the first half of 2023. Scams, which earn most money among cryptocurrency crimes, have seen a 77% decline compared to the same period last year.
• Ransomware is the only form of cryptocurrency crime expected to grow this year as attackers managed to extort $175.8 million more than they did during the same period in 2022.
• The rebound in ransomware revenue is attributed to attackers preying on affluent victims by targeting large-scale organizations.
Crypto Crime Revenue Down in 2023
A new report from blockchain data platform Chainalysis shows that crypto-related crimes have significantly dropped in the first half of 2023. Scams, which tend to pull in the most money among crypto crimes, saw a 77% decline in revenue compared to the same period last year, resulting in nearly $3.3 billion less than what was made in 2022 and just over $1 billion for 2023 so far.
Rise of Ransomware
However, ransomware is surging despite this overall positive trend and is the only form of cryptocurrency-based crime expected to grow this year with attackers managing to extort $175.8 million more than they did during the same period last year. This increase represents a reversal of the downward trend seen previously and is believed to be due to these malicious actors preying on affluent victims by targeting large organizations for their demands rather than individuals or smaller entities.
Factors Behind Crypto Crime Decline
The sudden disappearance of two large-scale scams, VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management are said be major contributing factors behind this drop in revenue for scams as positive price movements usually translate into higher scam revenue due people’s increased susceptibility when it comes FOMO (fear of missing out).
Big Game Hunting & Prey on Affluent Victims
Ransomware attackers are also said “big game hunting” or targeting larger and deep pocketed organizations which has helped them bounce back after seeing a lull throughout much of 2022 – allowing them once again prey on affluent victims while still making big profits from their malicious endeavors .
Conclusion
Overall it appears that while cryptocurrency criminals may not be making as much money as they had in previous years – ransomware still continues prove itself as one most lucrative and potentially dangerous forms cybercrime today with no signs slowing down anytime soon unless steps taken put stop it .