Market intelligence platform Chainalysis says losses from crypto theft and ransomware attacks have increased over the past year as attackers employ a new strategy to collect more from their victims.
In a new report, Chainalysis says that stolen fund inflows nearly doubled from $857 million to $1.58 billion despite a general decline in illicit transactions.
Ransomware inflows also rose by around 2% from $449.1 million to $459.8 million.
The median ransom for the most damaging ransomware events has increased from under $200,000 in early 2023 to $1.5 million in mid-June 2024, representing a 7.9x increase during the period and a 1,200x increase since the start of 2021.
According to Chainalysis, bad actors manage to siphon more from fewer victims by conducting targeted attacks.
“2024 is set to be the highest-grossing year yet for ransomware payments, due in no small part to strains carrying out fewer high-profile attacks, but collecting large payments (known in the industry as ‘big game hunting’).”
Earlier this year, the cybercrime group Dark Angels collected $75 million in ransomware payments, the largest payout in history. Chainalysis says that the most severe ransomware strains are now aimed at victims who can pay more.
“These strains are prioritizing targeting larger businesses and critical infrastructure providers that may be more likely to pay high ransoms due to their deep pockets and systemic importance.”
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