The total amount of value extracted through ransomware payments in 2021 is expected to rise. They are expected to rise above 2020 levels once all the data is sorted through.
One new report estimates that ransomware payments tallied at least $602 million in 2021. However, the actual total could be much higher.
Further, the Blockchain analysis firm Chainalysis released new data on Feb. 10. The data is about ransomware activity related to cryptocurrency in 2021. However, it stated that the total value is likely to end up surpassing the $692 million taken in 2020.
Source: Chainalysis Data
Ransomeware Payment Size
The average ransomware payment size reached a record high of $118,000 in 2021. This is a 26% increase from the average of $88,000 in 2020. Chainalysis attributes the larger average payment size to a “big game hunting” strategy. This is increasingly employed by ransomware strains in which large organizations are targeted for blashamper.
Also, Last year they had the highest number of active ransomware strains than any other year on record. At least 140 strains received crypto payments, which is 21 more than in 2020 and 61 more than in 2019.
Further, Conti was the most active ransomware strain in 2021. It attacked off nearly $200 million in value through cryptocurrency in 2021. Conti, thought to be based in Russia, is a ransomware syndicate that sells its program as a service to affiliates for a fee.
Ransomware Strains
Although the report states that most ransomware strains come and go in waves. They stay active for a short amount of time before becoming dormant, Conti was active throughout the entirety of 2021. More commonly, ransomware groups will halt operations then reopen under a new name.
The trend to rebrand caused the average strain in 2021 to last for only 60 days. The average strain is 2.8 times lower than in 2020 when the average was 168 days.
It pointed out that although there are benefits to utilizing cryptocurrency to execute ransomware attacks. Also, the transparency of crypto transactions makes it easier for authorities to track the movement of funds. North Korea has repeatedly used crypto to circumvent economic sanctions for years.
