Ransomware Extortion: Cybercrime Groups Net $813.5 Million in 2024
A Decline from 2023
By Ravie Lakshmanan, February 06, 2025
Cybercrime groups have seen a decline in ransomware extortion, with a total of $813.5 million netted in 2024, compared to $1.25 billion in 2023.
First Half of 2024: $459.8 Million
The first half of 2024 saw a total of $459.8 million extorted, according to blockchain intelligence firm Chainalysis. This represents a decline in payment activity after the emergence of several high-profile ransomware gangs.
Notable Ransomware Gangs
Several notable ransomware gangs have been active in 2024, including HellCat, Nnice, NotLockBit, WantToCry, and Windows Locker. HellCat has been particularly notable for its use of psychological tactics to humiliate victims and pressure them into paying up.
Money Laundering Methods
Chainalysis has found that both Akira and Fog have used identical money laundering methods, which are distinct from other ransomware strains. This further supports a connection between the two groups.
Exploiting VPN Vulnerabilities
Both Akira and Fog have primarily focused on exploiting VPN vulnerabilities, which allows them to gain unauthorized access to networks and deploy their ransomware.
Conclusion
Cybercrime groups have seen a decline in ransomware extortion in 2024, with a total of $813.5 million netted. However, the emergence of several high-profile ransomware gangs has led to a decline in payment activity. It is essential for individuals and organizations to remain vigilant and take steps to protect themselves from these types of attacks.
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