Ransomware payments dropped in 2024 as victims refused to pay hackers

Ransomware payments fell by more than one-third in 2024 as an increasing number of victims refused to negotiate with hackers.

In a report published Wednesday, crypto forensics firm Chainalysis said that while ransomware gang leak sites posted more victims than in previous years during 2024, fewer victims gave in to the hackers’ demands. Chainalysis reported a 35% drop in ransom payments, with ransomware hackers receiving a total of $814 million compared to 2023’s record-high sum of $1.25 billion. 

In further evidence of victims refusing to meet attackers’ demands, Chainalysis said that during the second half of 2024, the sums demanded by cyber gangs were 53% higher than the actual payouts — despite an increase in the number of ransomware attacks.

Chainalysis says the surprise decline — the first observed since 2022 — was also driven by an increase in law enforcement action, including the disruption of the prolific LockBit ransomware gang, and improved international collaboration.