Reported by: Anna Baydakova

Known cryptocurrency payments to ransomware hackers “totaled a mere $16 million, compared to nearly $74 million USD in 2021,” blockchain intelligence firm Crystal Blockchain says.

This may be surprising given the fact that the number of ransomware attacks has increasedsince 2021, according to cybersecurity researchers. This year, the notorious Contiransomware gang, known for terrorizing U.S. hospitals during the COVID-19 pandemic, ceased operations, but new groups are constantly emerging.

Nick Smart, Crystal’s director of blockchain intelligence, told CoinDesk it may be too early to conclude that ransomware attacks are in permanent decline.

“Since the Conti leaks, we were able to gather a lot more information on historical ransomware and extortion activity, which is to say we have a better idea of what it was like before. Due to the way ransoms generally work, it’s not possible to tell what happened now as many companies don’t disclose payment information publicly,” Smart said.

Read full report: https://finance.yahoo.com/news/ransomware-payouts-declined-2022-crystal-224215764.html