Crypto ransomware attacks have increased in the first half of 2023. Nonetheless, fraudsters’ earnings have dropped by 77% compared to the same period in 2022. Only Ransomware is increasing in overall value in terms of money among the malicious activities.
According to the research, crypto ransomware attacks increased in 2023 after decreasing in 2022. This includes a financial loss of $449.43 million as a result of 108 protocol attacks, $108 million as an outcome of different phishing scams, and £75.87 million as a result of 110 rug pulls in the first half of the year.
According to the results, if this trend continues throughout the rest of the year, attacks may exceed the $939.9 million scammed from victims in 2021. This suggests a rise in revenue for the cybercriminals.
According to Chainalysis report:
The ransomware ecosystem has rebounded in 2023 regarding payments and attacks. The data is an important reminder that ransomware remains a significant threat and that businesses should continue to shore up their cybersecurity and data backup procedures for added protection.
Unveiling the Decrease in Crypto Scams
The decreasing deposit into unauthorised wallet addresses during the first half of 2023 indicate a significant decline in illegal operations related to cryptocurrencies. This happened although there were several bitcoin frauds and scammers.
Compared to the previous year, fraudsters’ profits during this time dropped 77%. This decrease can be due to the failure of the fraudulent schemes VidiLook and Chai Tai Tianqing, which took advantage of people’s trust to deceitfully obtain large sums of money.
The total amount lost is less than it was in the prior year, despite a 49% increase in financial transfers to individuals running impersonation scams in the first half of 2023. This could mean that fewer bitcoin investors are falling for these fraudulent scams.
The majority of lost cryptocurrencies in the first half of 2023 (75.6%) were coins and tokens made on the Ethereum platform. Tokens from the Binance Smart Chain, which made up the second-largest category of stolen assets, only accounted for 2.6% of the total.
The extent of Crypto Ransomware is Growing
As a common type of cryptocurrency-based crime in the United Kingdom in 2023, ransomware is now on the rise. In fact, ransomware-focused criminals are on track to record their second-largest year ever after extorting at least $449.1 million by the end of June.
The analysis records a rise in both “very small” and “very large” ransomware payments in 2023. Notably, advanced challenges built in the Rust programming language, such as Cl0p and ALPHV/Blackcat, received average ransom totals of $1,730,586 and $1,404,479, respectively.
Crypto ransomware is highly attractive to cybercriminals in the United Kingdom. This is mostly because there are no government guarantees or legal safeguards for bitcoin transfers, and there is almost no chance of reclaiming lost money.
It is essential to use caution while selecting crypto services in order to protect oneself from cyberattacks and frauds linked to crypto. This includes avoiding get-rich-quick scams and being suspicious of deals that seem too good to be true.
Additionally, people should be wary of similar types of contact and stay away from responding to anonymous investment proposals or requests to get into their crypto wallets. Phishing Tackle offers a free 14-day trial to help train your users to avoid these types of attacks and test their knowledge with simulated attacks using various attack vectors. By focusing on training your users to spot these types of attacks, rather than relying solely on technology, you can ensure that your
