Cryptocurrency Scams Drop as Ransomware Rises


Crypto Crime Is Down 65% Overall

A new report from Chainalysis, a blockchain analysis firm, reveals that every type of cryptocurrency crime is down. In the first half of 2023, ransomware saw a 65% cumulative drop in revenue losses compared to this time last year.

Scams, hacking, fraudulent shops, and revenue from darknet markets have all decreased. This is partly due to the collapse of two “large-scale scams”: VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management.

Why Is Ransomware Up?

Despite the overall decrease in crypto crime, ransomware revenue in 2023 is still equal to 90% of all ransomware revenues incurred in 2022. Chainalysis identifies two factors that explain this trend.

“For one thing, 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. At the same time, the number of successful small attacks has also grown. Both trends are evident on the chart below, which shows how the distribution of ransomware payment sizes has changed since 2020.”

Crypto is now under attack from two sides: smaller and larger attacks.

Ransomware Attacks on Crypto

There are many ways to defend against ransomware attacks on crypto. Here are some examples of how to get started:

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