Ransomware Payments Decline

Ransomware payments dropped 35% to $813 million in 2024, according to blockchain analytics firm Chainalysis, down from a record $1.25 billion in 2023.

Attacks and Trends

Despite expectations for another record payday, attackers saw a 2.4% increase in stolen value during the first half of 2024. This included a notable $75 million payment to the Dark Angels group. However, a significant pullback in payments occurred in the latter half of the year, leading to an overall decrease.

Chainalysis noted that sanctions against the Russia-based exchange Cryptex and the seizure of 47 non-KYC crypto exchanges impacted ransomware actors’ ability to launder their gains. Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis, mentioned that ransomware operators seem increasingly hesitant to cash out due to the fear of being traced and prosecuted, thanks in part to advancements in crypto investigation tools.

Victim Payment Trends

Chainalysis highlighted a positive trend where victims are paying less. In the second half of 2024, there was a 53% difference between the amounts attackers demanded and the amounts victims paid. Even with a rise in ransomware events, fewer victims complied with attackers’ demands. Those who did typically paid between $150,000 and $250,000, regardless of initial ransom requests.

Koven commented on the decline in payments, noting it signifies effective law enforcement action, enhanced international cooperation, and a growing resistance among victims against paying attackers. This trend points to levels lower than those seen in 2020 and 2021, reflecting a shift in the ransomware landscape.