This interesting chart shows the number of spam messages sent per day—in billions—in recent months. As you can see, spam is way, way down. Apparently, three big spam botnets, Rustock, Lethic, and Xarvester (all of which, incidentally, sound like the front corporations of Bond villains) have scaled down their activities. Whether they're folding in the face of successful anti-spam efforts or just regrouping for a new campaign is unclear.
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