New research shows that ransomware operators are set to break another record this year, based on the influx of cryptocurrencies.
A report from Chainalysis shows that crypto inflows in the first half of 2024 reached $460 million. That’s up from $449 million 12 months ago, which represents a 2% year-over-year increase.
The largest payment on record occurred this year, Chainalysis reports, when a company paid $75 million to the Dark Angels ransomware group. The median ransom payment for the most severe ransomware variants rose from just under $200,000 in early 2023 to $1.5 million in mid-June 2024.
Dark Angels steal millions
In total, ransomware groups made more than $1 billion last year and are likely to repeat that success this year.
In other words, ransomware operators are making more money from their activities – but the numbers aren’t that simple. With LockBit disrupted and ALPHV essentially non-existent, many active affiliate groups have been forced to switch to other strains, which are often not as effective. At the same time, many groups are opting for “big game hunting”, where they go after larger enterprises and pay larger sums. This also means fewer victims.
But stealing so much money via the blockchain is hardly a disservice to the industry, Chainalysis said elsewhere in the report. Total illicit activity on the blockchain fell by nearly a fifth year to date, meaning legitimate activity is growing rapidly. Unfortunately, crypto theft is also growing, with stolen funds nearly doubling from $857 million last year to $1.58 billion this year.
Finally, the average amount of cryptocurrency stolen per heist increased by almost 80%, largely due to Bitcoin’s massive rise this year. In early 2024, during the first week of January, BTC was trading at around $43,906, while today it is hovering around $59,000, representing a 33% increase. In November 2022, BTC was below $16,000, before skyrocketing to almost $74,000 this spring.