Ransomware Payments Drop 35% Amid Global Crackdown

Ransomware payments in 2024 declined by 35% to $813 million from $1.25 billion in 2023, according to blockchain analysis firm Chainalysis. This significant decrease is attributed to enhanced law enforcement actions, global cooperation, and an increased reluctance among victims to pay ransoms. Despite a rise in the number of ransomware attacks, fewer victims chose to pay, resulting in a 53% gap between ransom demands and actual payments in the latter half of 2024. The decline was also fueled by the takedown of major ransomware groups such as LockBit and BlackCat, which disrupted the market and led to a more fragmented landscape. Additionally, sanctions against crypto exchanges like Cryptex for facilitating illicit transactions further hindered ransomware operations. Overall, the combination of these factors contributed to a notable reduction in ransomware revenue, despite the persistence of attacks.