• Chainalysis’ report shows that ransomware earnings are significantly down in 2022.
• This is due to victims becoming less likely to pay attackers, as well as the introduction of more efficient ransomware defense systems.
• Even though the true totals of ransomware attacks remain unknown, it’s clear that the industry is changing.
The first half of 2022 has been uniquely chaotic and tumultuous. One of the major developments has been the rise of ransomware attacks, which have caused great damage to the cryptocurrency industry. However, blockchain analytics company Chainalysis recently released a report which shows that ransomware revenue has dropped significantly in the same period.
Chainalysis studied the ransomware industry and its evolution over the first half of 2022. It found that over 10,000 unique ransomware strains were active during this time. This was corroborated by on-chain data which showed a significant increase in the number of ransomware attacks. Unfortunately, this also meant that the number of victims increased.
However, the report also revealed a more encouraging trend – victims are becoming less willing to pay attackers. This could be due to the introduction of more efficient ransomware defense systems, which have made it more difficult for attackers to successfully extort money from their victims. As a result, ransomware revenue has dropped significantly in the first half of 2022.
Chainalysis acknowledged that the true totals of ransomware attacks could be much higher than what is reported. However, it is clear that the industry is changing, and victims are becoming less reluctant to pay up. This could be a sign of the times, as people become more aware of the risks associated with ransomware attacks and take steps to protect themselves.
Overall, Chainalysis’ report paints a promising picture of the ransomware industry in 2022. The fact that victims are becoming less likely to pay up means that attackers will have to invest more resources in order to be successful. This could mean that the number of ransomware attacks will start to decline in the coming months, as attackers become less incentivized to carry out attacks.