Chainalysis Security Incident

Take a survey News & Analysis Industry News Event News News Roundup Insights Strategy Innovation Case Studies Features Opinion Columns Executive Viewpoint Resources Reports TI Tech Directory Events More Podcasts A Coffee With Year of Elections TechInspired Advertise Share Ransomware payments plummet 35% in 2024 as law enforcement and victims fight back Home Industry News News & Analysis Ransomware payments plummet 35% in 2024 as law enforcement and victims fight back Ransomware payments plummet 35% in 2024 as law enforcement and victims fight back February 9, 2025 The total amount in ransomware payments to attackers plummeted by 35% in 2024, with victims increasingly refusing to meet the demands of cybercriminals, according to new data from blockchain analysis firm Chainalysis. Despite a rise in reported ransomware incidents in the second half of the year, total ransom payments fell from a record $1.25 billion in 2023 to $813.55 million in 2024, marking a significant shift in the cyber threat landscape. Why did ransomware payments decline in 2024? The drop in ransom payments coincided with an international crackdown on ransomware-as-a-service (RaaS) groups. One of the most impactful operations was the dismantling of LockBit by the UKs National Crime Agency (NCA) and the US Federal Bureau of Investigation (FBI) in early 2024, leading to a 79% drop in ransom payments attributed to the group in the latter half of the year. Security experts attribute the declining payments to improved law enforcement collaboration, stronger corporate cybersecurity measures, and growing resilience among victims. The market never returned to the previous status quo following the collapse of LockBit and BlackCat/ALPHV, Lizzie Cookson, senior director of Incident Response at Coveware, told Chainalysis. We saw a rise in lone actors, but no single group emerged to dominate the market as weve seen after past takedowns. Read more: LockBit leader unmasked? Are small businesses more...

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