Ransomware payments fell by 35% year-over-year in 2024 amid a growing refusal by victims to pay demands, according to a new Chainalysis report.
Ransomware groups received approximately $813.55m in extortion payments from victims last year, which compares to a record $1.25bn in 2023.
Notably, in the first half of 2024, ransomware revenues were 2.38% higher than compared to H1 2023. However, payment activity slowed significantly in H2 2024.
A major factor in the fall in ransomware payments appears to be a growing refusal of victims to pay.
The researchers observed that while the number of ransomware events increased into H2, on-chain payments declined.
There was a significant widening of the gap between data leak site victims being posted and payments being made during the latter part of 2024. This suggests that more victims were targeted, but fewer paid.
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