Ransomewares are one of the biggest forms of cyber attacks and are quite prominent in the crypto space. Like the name, these forms of attack are done to get some form of money as ransom from the victims and the crypto space has been a huge target for this kinds of attack in recent times . In 2021 alone, the revenue from ransomwares were estimated to be over $750m but the good news is that lately, the response to ransomware has reduced drastically down by 40% to around $450m as reported by Chainalysis.
One of the major reason for this drop in ransomware revenue and victim payment is that firstly more people are willing not paying any ransoms requested by attackers especially since most victims believe the attack won't have so much impact on them and whatever massive impact would be temporary.
Also, the bear market had contributed to a reduced revenue for ransomwares. The value of most cryptos gotten this period as requested isn't as much as it was a year ago in the bull market. Finally, one major reason for the decrease is that many countries like the US now have laws that've made paying ransoms legally risky and most victims just don't bother paying which is a good thing.
The crypto space has been well known for the many forms of attacks and scams that exist within the space with ransomwares topping the list as at 2021. It's really nice know that there's am increase in the number of victims not succumbing to their attackers by not paying ransoms when they are attacked. We should be seeing many more forms of exploits and attacks reduce in the space as time goes on as more people are becoming more aware and most folks in the space are working hard to ensure that attacks, scams and exploits become a thing of the past in the cryptoverse.