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.

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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.

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