From Investing.com:

In 2023, payments from crypto-related ransom attacks soared to a record $1.1 billion, compared to $567 million in 2022. However, losses from other crypto-related crimes like scamming and hacking decreased. The value of Bitcoin also rose by 60% to $43,134, driven by optimism around a new U.S. bitcoin ETF and indications of global interest rate cuts.

The rise of new players attracted by high profits and low barriers to entry has led to “big game hunting” becoming the dominant strategy for ransom attacks. This is evidenced by a group of digital extortionists named “cl0p” who exploited a file sharing software called MOVEit to make nearly $100 million in ransom payments.

A report revealed that a cybercrime group known as “Black Basta” extorted at least $107 million in bitcoin, with much of the laundered money making its way to the sanctioned Russian cryptocurrency exchange Garantex. Cryptocurrency theft through cyberheists and ransomware attacks is also a significant source of funding for North Korea, as reported by the UN.

It’s important to note that Chainalysis’ figures may underestimate crypto’s role in all crime, as it only tracks cryptocurrency sent to wallet addresses linked to illicit activities and does not include crypto used in non-crypto-related crimes like drug trafficking deals.



Read more: Crypto ransom attack payments hit record $1 billion in 2023