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Crypto ransomware revenue drops 35% to $813 million in 2024 amid tougher crackdowns and victim resistance

Press Releases Crypto News CryptoSlate Crypto ransomware revenue drops 35% to $813 million in 2024 amid tougher crackdowns and victim resistance

The crypto industry saw ransomware payments decline by 35% in 2024, falling to $813 million from the previous year’s $1.25 billion, according to Chainalysis‘ 2025 Crypto Crime Report.

According to the firm, this marks the most significant annual decline in ransomware revenue over the past three years.

Crypto Ransomware Payments (Source: Chainalysis)

Crypto ransomware 2024

Despite an initial uptick in attacks during the first half of 2024 — one victim reportedly paid $75 million to the Dark Angels group — ransomware payments plummeted in the latter half of the year. The report credited the decline to stricter law enforcement action, stronger international cooperation, and growing victim resistance.

Additionally, global authorities have ramped up their crackdown on cybercrime, targeting platforms that facilitate illicit transactions. A prime example is the US and allied countries imposing sanctions on Russia-based crypto exchange Cryptex for enabling money laundering and ransomware-related activities.

Interestingly, while ransomware incidents rose, fewer victims chose to pay. Roughly 30% of negotiations resulted in a ransom payment, with many opting for decryption tools or restoring from backups instead.

Meanwhile, the report also highlights a widening gap between demanded ransoms and actual payments. In the second half of 2024, attackers demanded far more than what victims ultimately transferred, with payments falling short by 53%. Those who did pay sent an average of $150,000 to $250,000—significantly lower than initial demands.

Laundering tactics evolve

As ransomware payments declined, attackers adapted their laundering techniques. Traditionally, ransomware actors relied on mixing services to obscure fund flows, with these platforms processing between 10% and 15% of illicit transactions.

However, law enforcement crackdowns on services like

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Author: Oluwapelumi Adejumo

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