Ransomware payments decline 35% to $814M in 2024

Ransomware payments experienced a significant decrease of 35% in 2024, totaling $814 million, according to a report by blockchain analysis firm Chainalysis. 

This marks the first decline in ransomware revenues since 2022, following a record-setting $1.25 billion in 2023.

Despite the decrease in payments, the overall frequency of ransomware attacks increased.

Chainalysis noted that ransomware gang leak sites posted more victims in 2024 than in previous years, but fewer victims opted to pay the hackers' demands.

Sums demanded by cyber gangs were 53% higher than the actual payouts during the second half of 2024.

Chainalysis attributes the decline in ransom payments to several factors, including increased law enforcement actions and improved international collaboration.

A notable example is "Operation Cronos," where international law enforcement agencies disrupted the LockBit ransomware group.

The report also indicates a shift in tactics among ransomware actors.

Chainalysis observed a decline in the use of cryptocurrency mixers, historically used to obscure illicit funds.

“We note a substantial decline in the use of mixers in 2024.

Instead, ransomware operators are increasingly relying on cross-chain bridges and storing funds in personal wallets.

"Curiously, ransomware operators, a primarily financially motivated group, are abstaining from cashing out more than ever,” the report reads.

Chainalysis warns that ransomware actors continue to adapt to evade law enforcement.

New ransomware strains have emerged from leaked or purchased code, as well as rebranded ransomware-as-a-service operations.

The company also found that actors are letting ransomware sit in wallets and refraining from moving any money, partly out of fear they are being watched by law enforcement.

Victim organisations are also demonstrating greater resistance to ransom demands.

"Crackdowns and collaboration with incident response firms and blockchain experts helped disrupt many ransomware groups, reducing their profitability," the company said.