Ransomware Extortion Drops to $813.5M in 2024, Down from $1.25B in 2023
Feb 06, 2025
Cybercrime / Ransomware
Ransomware attacks netted cybercrime groups a total of $813.5 million in 2024, a decline from $1.25 billion in 2023. The total amount extorted during the first half of 2024 stood at $459.8 million, blockchain intelligence firm Chainalysis said, adding payment activity slumped after July 2024 by about 3.94%. "The number of ransomware events increased into H2, but on-chain payments declined, suggesting that more victims were targeted, but fewer paid," the company said . Adding to the challenges is an increasingly fragmented ransomware ecosystem, which, in the wake of the collapse of LockBit and BlackCat, has led to the emergence of a lot of newcomers that have eschewed big game hunting in favor of small- to mid-size entities that, in turn, translate to more modest ransom demands. According to data compiled by Coveware, the average ransomware payment in Q4 2024 was at $553,959, up from $479,237 in Q3 . The median ransomware payment, in contrast, dropped from $200,000 to $...