Ransomware operators are on track to set a new record this year, according to new research. A Chainalysis report reveals that in the first half of 2024, ransomware-related crypto inflows reached $460 million, up from $449 million during the same period last year. This represents a 2% increase year-over-year.
One notable incident this year was a record-breaking payment of $75 million made to the Dark Angels ransomware group. Additionally, the median ransom paid to the most severe ransomware groups surged from just under $200,000 in early 2023 to $1.5 million by mid-June 2024.
Despite the impressive earnings by ransomware groups—over $1 billion last year—they face some challenges. With the disruption of major groups like LockBit and the near-collapse of ALPHV, many ransomware affiliates have had to shift to less effective strains. However, they are now targeting larger enterprises, leading to bigger ransom payments but fewer overall victims.
The report also notes a significant drop in aggregate illicit activity on the blockchain, which fell by nearly 20% this year. While legitimate use of cryptocurrency is on the rise, crypto theft is also increasing. The amount of stolen funds nearly doubled from $857 million last year to $1.58 billion this year.
Moreover, the average amount stolen per heist increased by almost 80%, partly due to Bitcoin’s price surge. At the beginning of 2024, Bitcoin was trading at around $43,906. It has since risen to about $59,000, marking a 33% increase. This is a sharp contrast to November 2022 when Bitcoin was below $16,000, before soaring to nearly $74,000 earlier this spring.
