In a turn of events that could only be described as “unexpected” by those who have never met a computer, payments extorted through the delightful pastime known as ransomware have taken a nosedive of about 35% in 2024. This revelation comes courtesy of Chainalysis, a blockchain analytics provider that sounds like it should be selling artisanal cheeses instead of tracking cybercriminals. 🧀

In the grand scheme of things, ransomware attackers managed to squeeze nearly $815 million from their victims in 2024. This is a significant drop from the previous year’s record-breaking haul of $1.25 billion, which, let’s be honest, was probably enough to fund a small nation or at least a very lavish birthday party for a cat. 🎉

According to the report, this marks the first decline in ransomware revenues since 2022, which is a bit like saying it’s the first time a cat has decided to ignore you since you bought it a new scratching post. Cryptocurrency, the favorite currency of the cyber underworld, remains central to these nefarious dealings.

So, what’s behind this sudden drop in villainous income? Chainalysis attributes it to a delightful cocktail of “increased law enforcement actions, improved international collaboration, and a growing refusal by victims to pay.” In other words, people are starting to realize that paying ransom is about as effective as trying to negotiate with a particularly stubborn goat. 🐐

Related: Crypto hacks, scam losses reach $29M in December, lowest in 2024

In response to this financial downturn, ransomware attackers are now shifting their tactics faster than a cat can knock a glass off a table. They’re using fresh code repositories for their dastardly deeds and starting extortion negotiations almost immediately—often within hours of the initial attack. Talk about being eager! 😼

The report also notes that the types of attackers range from nation-states (because why not?) to ransomware-as-a-service (RaaS) operations, lone wolves, and small data theft groups. It’s like a cybercriminal buffet out there!

Interestingly, the decline in overall ransomware losses in 2024 mostly occurred in the second half of the year. In fact, ransomware payments plummeted by around 79% in H2 compared to the first half, showcasing the effectiveness of international law enforcement collaboration. Who knew that working together could actually yield results? 🤝

However, the number of attempted attacks actually increased in H2, which suggests that while fewer victims are paying, the cybercriminals are still very much in business. It’s like a bad horror movie where the monster just won’t die, no matter how many times you stab it with a fork.

Decline in hacks

The drop in ransomware payments mirrors an overall decline in cryptocurrency exploits during 2024. Losses to crypto scams, exploits, and hacks tapered off in the last months of the year, with December registering the smallest amount stolen. It’s almost as if the cybercriminals decided to take a holiday. 🎄

Blockchain security firm CertiK reported that there were $28.6 million in known losses to exploits, hacks, and scams in December, a far cry from the $63.8 million in November and the staggering $115.8 million in October. It seems the cyber underworld is experiencing a bit of a recession.

The main reason for this drop-off? A decline in big incidents of $100 million or more in losses, according to a CertiK spokesperson. So, it appears that even in the world of cybercrime, size does matter—at least when it comes to theft.

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2025-02-05 22:18