Ransomware Payments Dropped 35% in 2024, Driven by Law Enforcement Crackdowns

Major takedowns of groups like LockBit and BlackCat, alongside improved defenses, led to the steepest decline in ransomware payments on record.

Ransomware payments fell to $814 million in 2024, a 35% drop from the $1.25 billion recorded in 2023, according to Chainalysis data.
Law enforcement operations, including disruptions of LockBit and BlackCat, significantly weakened major ransomware groups and their infrastructure.
Despite a record number of ransomware incidents in 2024, newer groups struggled to replicate the scale and sophistication of their predecessors, leading to smaller ransom demands.
Victims increasingly refused to pay, aided by heightened global awareness, improved cybersecurity defenses, and stricter cryptocurrency regulations targeting money laundering tools.
Experts caution that while the decline is promising, ransomware remains a persistent threat, particularly to schools, hospitals, and critical infrastructure.