Ransomware Attacks Decreased As Bitcoin’s Price Plunged

Hacking and ransomware incidents are fairly common occurrences in the cryptocurrency market. However, the latest report published by SonicWall claimed that there is relevance with the number of ransomware attacks and Bitcoin. The cybersecurity organization that operates out of the United States recently published its Cyber Threat Report for the current year.

The report cites around 236.1 million ransomware attacks in the first half of the ongoing year within the cryptocurrency sector. The report also exclaimed that the statistics are good since it shows a visible decline in ransomware attacks since last year by 23%. Even when there is a massive amount of ransomware attacks, it seems that it is not as much as last year, which seems astounding.

The direct conclusion that can be drawn from the report published by SonicWall suggests that on account of a cryptocurrency bear market this year, the number of ransomware attacks has declined. The researchers have also cited that some other factors have participated in the reduction of aggregate ransomware attacks.

SonicWall also accounts for the massive inflation and the rapidly changing global economy that is useful for the cryptocurrency marketplace. The report further added that with time the cybersecurity protocols in the companies have improved and updated. In addition, the report pointed out that law enforcement agencies have become more adaptive to the cryptocurrency crime response.

SonicWall’s Report

SonicWall researchers pointed out that the cryptocurrency sector has faced a considerable amount of uncertainty and consistent pressure the price volatility. Therefore, the hackers are facing difficulties in financing their ransomware projects. The report further claimed that following incidents like the Colonial Pipeline and JBS Foods hacks, the ransomware market on the dark web gained more notoriety.

Due to the state-level hack attacks, the FBI also founded the Virtual Asset Exploitation Team to track ransomware manufacturers, launchers, and sellers. The report also claimed that the malware attacks have increased while ransomware is no longer readily accessible. SonicWall also reported that 2.8 billion malware attacks were launched in the first half of 2022, that is indicating an 11 percent increase since last year.

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