Ransomware Extortion Payments Drop 35% to $813 Million in 2024

Global ransomware extortion payments dropped 35% to $813 million in 2024, down from $1.25 billion in 2023, according to Chainalysis. The decline is attributed to law enforcement crackdowns on illicit crypto exchanges and an increase in victims refusing to pay ransoms.

Key points include:

$459.8 million extorted between January and June 2024, a 2.38% increase from the same period in 2023.
A significant $75 million ransom was paid to the Dark Angels cybercriminal group.
Payments fell nearly 35% in the second half of the year, following increased law enforcement actions against groups like LockBit, which experienced a 79% drop in payments.
New ransomware groups emerged, with RansomHub quickly becoming the most active strain since its launch in February 2024.
56 new data leak sites appeared, but many were deceptive, listing victims multiple times.
The gap between ransom demands and actual payments reached 53% in the second half of 2024; only 30% of negotiations resulted in payments.
Centralized exchanges processed 39% of ransomware proceeds; however, the use of crypto mixers declined sharply due to enforcement actions.
No-KYC exchanges faced significant reductions in ransomware-related inflows after major crackdowns.
Rostislav Panev was arrested for developing tools for LockBit, emphasizing growing blockchain-based law enforcement effectiveness.

Source: Chainalysis