Crypto
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- Chainalysis has revealed that most ransomware payments were made in crypto
- It however noted that the “volume of ransomware payments” decreased by roughly 35% in 2024
- Chainalysis attributed the drop to increased surveillance from law enforcement agencies and victims refusing to pay a ransom
Chainalysis has released a report showing that crypto played “a central role in extortion” in 2024 when most ransomware payments were made in crypto. The blockchain analytics firm, however, disclosed that the “volume of ransomware payments” dropped by roughly 35% and attributed the decrease to victims refusing to pay a ransom and law enforcement agencies collaborating to curb crypto-based crimes. According to Chainalysis, ransomware attackers still managed to pocket over $800 million, indicating that law enforcement agencies have to adapt to changing tactics from attackers.
Crypto Ransomware Payments Reached $1.25 Billion in 2023
Chainalysis revealed that attackers are embracing new tactics, using “new ransomware strains” and negotiating payments almost immediately after an attack. It also noted that attackers ranged from “nation-state actors” to those offering ransomware services.
In our latest preview chapter for the 2025 Crypto Crime Report, we look at how the ransomware landscape changed in 2024. Here are some key findings:
– In 2024, ransomware attackers received approximately $813.55 million in payments from victims, a 35% decrease from 2023’s…
— Chainalysis (@chainalysis) February 5, 2025
The report shows that attackers pocketed the second-lowest ransomware payment since 2020 with 2022 recording the lowest amount at $655 million and 2023 towering other months with $1.25 billion.
Lizzie Cookson, an executive at ransonware incident response firm Coveware, told Chainalysis that the collapse of some popular ransonware groups like LockBit and BlackCat reduced ransomware activities and led to lone actors and “newcomers who tend to focus efforts on small to mid-size markets.”
Crypto New Data Leak Sites Discovered
Chainalysis revealed that these types of attackers targeted more data storage platforms in 2024 than in other years, leading to the discovery of 56 new data leak sites in 2024.
The report comes barely a month after blockchain security firm PeckShield disclosed that crypto hackers and scammers stole $400 million more in 2024 than in 2023. PeckShield noted that these threat actors pocketed over $3 billion in 2024.
Although ransomware payments dropped in 2024 compared to 2023, the emergence of new tactic
