August 20, 2024 at 08:24AM
Chainalysis reported an increase in ransomware payments and stolen cryptocurrency in the first half of 2024. While illegal on-chain activity decreased by 20%, ransomware payments rose by 2% to $459.8 million. The median ransom payment increased from $200,000 to $1.5 million. Stolen cryptocurrency losses reached $1.58 billion by July 2024, an 84% increase from last year.
Key takeaways from the meeting notes:
– Ransomware payments have increased by 2% in the first half of 2024, reaching $459.8 million.
– The amount of stolen cryptocurrency has increased to $1.58 billion, up from $857 million in the previous year.
– Big game hunting, targeting major organizations, has led to a significant rise in ransom payments, with one company reported to have paid a record-breaking $75 million ransom.
– Median ransom payments have soared from $200,000 in early 2023 to $1.5 million in mid-June 2024.
– Law enforcement operations against major ransomware operations have led to some affiliates migrating to less effective malware strains, and even creating their own strains.
– Stolen cryptocurrency losses reached $1.58 billion by the end of July 2024, an 84% increase compared to the same period last year, largely due to the rising value of cryptocurrencies.
– Threat actors are shifting their attention back to centralized cryptocurrency exchanges, which have invested more in security compared to DeFi services.
– North Korean hackers are believed to have stolen billions in cryptocurrency.
Additionally, several related events were mentioned, including the seizure of $1.4 million in cryptocurrency from tech scammers, a man being sentenced to prison for stealing millions in cryptocurrency via SIM swapping, and the arrest of a hacker behind a $2 million cryptocurrency mining scheme in Ukraine.