"Another Record Year For Ransomware Beckons as Crypto Profits Hit $460m"
According to security researchers at Chainalysis, ransomware actors are set for their highest-grossing year on record in 2024 after crypto inflows in the first half of the year reached $460m. The researchers noted that in 2023, ransomware groups made over $1bn after reaching $449m by the end of June. So far this year, the largest ever single ransom payment has been recorded, $75m to the Dark Angels group. The researchers said that most of the ransom payments were mainly to Russian cybercrime groups despite major law enforcement operations that disrupted the prolific LockBit and ALPHV/BlackCat groups. Chainalysis revealed a resurgence in crypto theft via hacking, as threat actors return to targeting centralized exchanges after four years focusing on decentralized entities like DeFi services and cross-chain bridges. The researchers noted that the cumulative value stolen this year through the end of July has already crested $1.6bn and is around 84% greater than the value stolen over the same period last year. Interestingly, the number of hacking incidents in 2024 has only marginally outpaced that of 2023, rising at just 2.8% YoY.