Ransom Payments Fell 35% in 2024 After LockBit, BlackCat Takedowns

Chainalysis’ 2024 analysis found ransomware victims paid $813.55M—down 35% from 2023—attributing the decline to cross-border law enforcement takedowns (notably LockBit and BlackCat/ALPHV) and more organizations refusing to pay. Despite lower payments, ransomware activity remained high: leak sites and victim posts increased, new RaaS operators (e.g., RansomHub) and strains (Akira, Fog) emerged, actors adapted laundering and negotiation tactics, and many attacks shifted toward smaller targets with faster operations and varied monetization strategies.