The first half of 2024 saw ransomware gangs extort over $459 million from victims, marking a sharp increase and setting the stage for a record-breaking year. A report from blockchain research firm Chainalysis reveals that the median ransom demanded by the most dangerous ransomware groups surged from $198,939 in early 2023 to $1.5 million by mid-2024. Despite the increased frequency and size of ransom payments, fewer victims are paying, with a 27% decline in payment events, indicating improved resilience and preparedness among targeted organizations. However, the rise in new ransomware strains and techniques continues to pose significant challenges.
In addition to ransomware, cryptocurrency thefts also surged, with cybercriminals stealing nearly $1.6 billion in the first half of 2024, up from $857 million during the same period in 2023. The average theft per incident doubled, driven by the increased value of cryptocurrencies like Bitcoin. Notably, a single attack on DMM resulted in $305 million stolen. As companies offering decentralized finance (DeFi) services bolster their security, hackers have shifted their focus back to centralized exchanges, contributing to the rising theft figures.