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It often happens that hackers prevent companies, schools or hospitals from accessing their computer systems. These hackers then demand a ransom, in bitcoin (BTC) or other crypto, to unlock access to the systems. They do not hesitate to threaten their victims with publishing the sensitive data they have stolen. The computer program used to perform this type of attack is called ransomware or ransomware. That said, it was recently discovered that payouts related to ransomware attacks have decreased somewhat. Here’s why.

Victims of ransomware attacks are less likely to pay!

Chainalysis revealed that in 2022 hackers extorted at least $457 million via ransomware attacks. Although it is likely that this amount is actually higher, it indicates a decrease in pirate revenue. Chainalysis crypto experts reported that in 2021, hackers earned an additional $311 million. The reduction observed in 2022 would be due to the fact that fewer and fewer victims pay the ransoms.

To draw this conclusion, crypto experts at the blockchain analytics firm tracked the cryptos. They mostly followed in the footsteps of bitcoins (BTC) in wallets. That said, a specialist in negotiating with hackers has given his opinion on the subject. This is Bill Siegel, who works at Coveware. The specialist explained that his customers are less and less inclined to make payments to hackers.

Revenues from this illicit have fallen by 40%

He found that in 2020, 70% of customers gave in to hackers using ransomware. But, in 2022, only 41% of its customers paid ransoms. Seigel explained:We refuse to pay ransoms if there is any suspicion of a connection to a sanctioned entity“.

It seems that payments have dropped in particular thanks to increased awareness to ransomware. In addition, companies are further strengthening the protection of their backups. So they no longer see the point of paying pirates to get them back.

Despite everything, ransomaware attacks remain profitable for hackers. It probably has a lot to do with the fact that the number of attacks is on the rise. A hacker has harvested around $29 million in bitcoin (BTC) and cash using ransomware. The funds were recovered from his apartment and he was convicted of ransomware.

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