"Is Cryptocurrency's Crash Causing Headaches for Ransomware Gangs?"

Some security firms have noticed a decrease in ransomware activity as the value of Bitcoin has dropped in the last eight months. According to the cybersecurity firm Arctic Wolf, ransomware attacks have decreased by about a quarter since the beginning of the year. Additionally, according to a new blog post from cyber-threat intelligence firm Cybersixgill, most of the fly-by-night cryptocurrency exchanges serving to launder ransoms have stopped advertising their services, implying that as cash-outs increase, they were unable to meet demand. Ransomware attacks resulting in data breaches decreased 20 percent in the second quarter of 2022 compared to the first quarter of this year, according to new data provided by the Identity Theft Resource Center. They have been declining quarter over quarter. Dov Lerner, security research lead at Cybersixgill, pointed out that most major ransomware groups quickly cash out cryptocurrency, but smaller players are more likely to keep their assets, resulting in a panicked response. This article continues to discuss how the cryptocurrency crash is impacting cybercriminals and the dark web. 

Dark Reading reports "Is Cryptocurrency's Crash Causing Headaches for Ransomware Gangs?"