Ransomware Payments Plummet 35%, Signaling Ecosystem Collapse?

A new report by Chainalysis reveals a 35% drop in ransomware payments in 2023, from $1.25 billion to $812.55 million. This significant decline, largely concentrated in the second half of the year, is attributed to law enforcement crackdowns on major ransomware groups like LockBit and the exit scam by AlphV/BlackCat, eroding victim trust in paying ransoms. Despite this, ransomware attacks remain prevalent, with critical infrastructure still under significant threat.