Crypto ransom payments reached a record $1.1 billion in 2023.

Cybercriminals received a record $1.1 billion in bitcoin ransom in 2023, Chainalysis said. Hospitals, schools, government organizations, and other vital infrastructure were targeted. In 2023, 538 ransomware types were reported.

Crypto ransom payments to cybercriminals reached an all-time high of $1.1 billion in 2023, reversing the 2022 decrease. Hospitals, schools, and government entities were the main victims. According to Chainalysis statistics released Wednesday, victims paid 76.4 percent more in bitcoin than in 2022, when they paid $567 million.

"A major thing we're seeing is the astronomical growth in the number of threat actors carrying out ransomware attacks," Recorded Future Threat Intelligence Analyst Allan Liska wrote.

Chainalysis attributed the emergence of new actors to high earnings and decreased entry barriers, adding that their findings are cautious and that ransomware assaults will increase as new targets are found.

The 2023 record ransom payments are up from the year before, when crypto ransomware incidents fell owing to hackers' move from financial gain to political objectives amid the Russia-Ukraine crisis. Chainalysis also noted the FBI's effective infiltration attempts prevented several crimes.

Recorded Futures detected 538 ransomware variations in 2023, indicating new gangs. Some major players made fewer attacks but received more payouts per attack, the study stated.

The emergence of "ransomware as a service" has increased attacks. According to the idea, outsiders can employ ransomware and pay its author a portion of the hack's revenues. Chainalysis stated crooks need less technical knowledge to use these approaches.

Chainalysis previously claimed that North Korean-linked cryptocurrency platform attacks hit a new high in 2023, although they took 41% less bitcoin.

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