New study shows that ransomware staged "major comeback" in 2023

Feb. 8, 2024
Cryptocurrency research firm Chainalysis reports that Victims of cybercrime paid out at least $1.1 billion, including plants, hospitals, and schools

A new report from blockchain data platform Chainalysis states that crypto ransom payments to cyber criminals hit an all-time high of $1.1 billion in 2023. This marks a significant turnaround from the decline observed in 2022, when criminals were paid $567 million in crypto.

“A major thing we’re seeing is the astronomical growth in the number of threat actors carrying out ransomware attacks,” said threat intelligence analyst Allan Liska.

Most ransomware groups are linked to eastern Europe, with Chainalysis reporting that some rogue actors were either disrupted or shifted their focus from ransomware to politically motivated cyber-espionage. 

And in one success story, the FBI successfully infiltrated the Hive ransomware strain, providing decryption keys to over 1,300 victims and preventing the need for approximately $130 million in ransom payments.

About the Author

Alexis Gajewski | Senior Content Strategist

Alexis Gajewski has over 15 years of experience in the maintenance, reliability, operations, and manufacturing space. She joined Plant Services in 2008 and works to bring readers the news, insight, and information they need to make the right decisions for their plants. Alexis also authors “The Lighter Side of Manufacturing,” a blog that highlights the fun and innovative advances in the industrial sector. 

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