- FinCEN reports that ransomware activity dropped in 2024 after the takedown of ALPHV and LockBit.
- 2023 was a record year with $1.1 billion in payments; 2024 saw 1,476 incidents and $734 million paid
- Collapsed gangs (ALPHV, LockBit, Black Basta) earned $790 million; Akira remains the most active, targeting finance, manufacturing and healthcare.
The takedown of the ALPHV and LockBit ransomware gangs significantly dented the overall performance of ransomware operations last year.
This is according to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which recently reported that after record highs in 2023, the number of ransomware infections and ransoms paid declined in 2024.
In its “Financial Trend Analysis” document, it confirmed that between 2013 and 2021, 3,075 cases of ransomware infections were reported, with victims paying $2.4 billion in ransom demands.
Three key players absent
Between January 2021 and December 2024, there were 4,194 such attacks and $2.1 billion in payments. 2023 was a record year. That year, approximately $1.1 billion was traded, an increase of 77% from the previous year. Some of the most active groups at the time were ALPHV (AKA BlackCat), Akira, LockBit, Black Basta and Phobos.
That’s when the police intervened. ALPHV and LockBit were taken down, while Black Basta imploded after an internal communications leak. As a result, there were “only” 1,476 incidents in 2024 (compared to 1,512 the previous year) and approximately $734 million in payments.
The median ransomware payout in 2023 was $174,000, significantly higher than 2022’s $124,097 and 2024’s $155,257.
The three groups that collapsed – ALPHV, LockBit and Black Basta – between them raked in almost $790 million during the period analyzed. Akira, now active, was behind the most attacks (376), while ALPHV and LockBit each committed around 353. Financial services companies, manufacturing companies, and the healthcare sector were the most targeted sectors.
Almost all payments (97%) were made in Bitcoin, which the gangs sent to unregulated cryptocurrency exchanges and tumbling/mixing services for laundering.
Via The file
The best antivirus for every budget
Follow TechRadar on Google News And add us as your favorite source to get our news, reviews and expert opinions in your feeds. Make sure to click the Follow button!
And of course you can too follow TechRadar on TikTok for news, reviews, unboxings in video form and receive regular updates from us on WhatsApp Also.
