Ransomware Payments Plummet 35% in 2024

Ransomware Payments Fall by 35% in 2024, Chainalysis Reports

In 2024, ransomware payments decreased by 35% year-over-year, totaling $813 million, according to a report by Chainalysis. This decline can be attributed to several factors, including increased law enforcement actions, sanctions against crypto exchanges, and a growing reluctance among victims to pay ransom demands.

Chainalysis' report highlights a significant discrepancy between ransom amounts demanded and those actually paid in the latter half of the year. This discrepancy is attributed to better international cooperation, more robust cyber defense measures, and enhanced crypto investigation tools that discourage cybercriminals.

The report also notes a substantial decline in the use of crypto mixers, which is attributed to the disruptive impact of sanctions and law enforcement actions against services like Chipmixer, Tornado Cash, and Sinbad. As a result, more ransomware actors are holding their funds in personal wallets, demonstrating increased caution and uncertainty about where they can safely cash out their ill-gotten gains.

Despite the decline in ransomware payments, Chainalysis warns that it is too early to celebrate, as the factors contributing to the downward trend could reverse in 2025. The report emphasizes the importance of continued vigilance and international cooperation in combating ransomware attacks.