Ransomware funds dropped in 2024 as victims refused to pay hackers | TechCrunch

Ransomware funds fell by greater than one-third in 2024 as an growing variety of victims refused to barter with hackers.

In a report published Wednesday, crypto forensics agency Chainalysis mentioned that whereas ransomware gang leak websites posted extra victims than in earlier years throughout 2024, fewer victims gave in to the hackers’ calls for. Chainalysis reported a 35% drop in ransom funds, with ransomware hackers receiving a complete of $814 million in comparison with 2023’s record-high sum of $1.25 billion. 

In additional proof of victims refusing to satisfy attackers’ calls for, Chainalysis mentioned that in the course of the second half of 2024, the sums demanded by cyber gangs had been 53% increased than the precise payouts — regardless of a rise within the variety of ransomware assaults.

Chainalysis says the shock decline — the primary noticed since 2022 — was additionally pushed by a rise in regulation enforcement motion, together with the disruption of the prolific LockBit ransomware gang, and improved worldwide collaboration.