2023 Ransomware Rebound: Chainalysis Unveils Over $1 Billion in Extorted Funds

In 2023, ransomware attacks made a significant comeback. Surpassing $1 billion in extorted funds. As revealed by market intelligence platform Chainalysis. 

Notably, the year witnessed a surge in both the frequency and scale of ransomware incidents, with actors ranging from large syndicates to individual perpetrators. Recorded Note’s data indicates a concerning trend. With 538 new ransomware variants emerging in 2023. Allan Liska, a cybersecurity expert at Recorded Note, underscores the exponential growth in threat actors engaged in ransomware activities. Chainalysis highlights the trend of reusing older ransomware codes to create new strains, leading to an influx of new players attracted by lucrative profits and lower entry barriers. 

Moreover, the report outlines changes in the preferred methods of laundering stolen funds, with a shift towards alternative services like bridges, instant exchangers, and gambling platforms. This adjustment is attributed to disruptions in conventional laundering methods, the adoption of stricter anti-money laundering (AML) and know your customer (KYC) policies, and the evolving preferences of emerging ransomware actors.

Clever Robot News Desk 8^th February 2024