Ransomware revenues and crypto thefts to surge in first half of 2024

In the first half of 2024, threat actors collected more revenue from ransomware attacks and cryptocurrency thefts than in the same period last year.

Revenue from ransomware attacks has already increased

According to a report by Chainalysis, revenue from ransomware attacks increased by $10 million to over $459 million in the first six months of this year. Revenues are expected to reach an all-time high by the end of the year, partly due to the increasing frequency of ransomware attacks.

The median ransom received by the most active ransomware gangs also increased significantly, from $198,939 in the first week of 2023 to $1.5 million by mid-June 2024. This points to an increased focus on critical infrastructure organizations and large enterprises, despite fewer victims being willing to pay the ransom, researchers at Chainalysis said.

Additionally, nearly $1.6 billion worth of cryptocurrencies were stolen in robberies in the first half of 2024, an increase of nearly 50% compared to the same period last year. This increase is largely due to the growing average value of thefts this year.