Ransomware actors are set for their highest profitable year in 2024 after crypto inflow in the first half of the year had reached $ 460 million, according to chain analysis.
The blockchain analysis company made the prediction in his 2024 Crypto Crime Middle Year Update.
In 2023, Ransomware groups earned more than $ 1 billion, after reaching $ 449 million at the end of June, the report claimed.
Until now, the largest ransom payment has ever been registered this year – $ 75 million for the Dark Angels Group.
Read more about crypto crime: crypto crime down 62%, but ransomware activities
Despite major law enforcement operations, the enormous amounts that find their way to mainly Russian cyber crime groups that disrupt the productive lockbit and alphv/blackcat groups.
Crypto -thefts increase
Elsewhere, chain analysis revealed a revival of crypto-theft through hacking, because threat actors return to the aiming of centralized fairs after four years aimed at decentralized entities such as Defi services and cross-chain bridges.
“The cumulative value stolen this year until the end of July has already been digested $ 1.6 billion and is about 84% larger than the value stolen in the same period last year,” the report noted. “Interesting is that the number of hack incidents in 2024 was only marginal from 2023, with only 2.8% yoj.”
Chainalysis warned that threat actors, including thousands of North Korean agents, use more and more advanced social engineering tactics, such as applying for IT jobs for exchanges, to steal crypto.
“The key to disrupting cyber crime is the disrupting of his supply chains, including attackers, affiliated companies, partners, providers of infrastructure services, washing waxers and case points,” Chainalysis Cybercrime Research Lead, Eric Jardine.
“Because the operations for crypto robbery and ransomware almost fully work on the blockchain, law enforcement can follow the money armed with the right solutions to better understand and disrupt the activities of these actors.”
Despite the fall and gloom, the general figures for crypto crime seem to show an annual decrease in the profit of almost 20% per year, from $ 20.9 billion to $ 16.7 billion.
Although the figure for 2024 YTD will certainly increase as analysts attribute more illegal addresses, this year’s estimate establishes more illegal activities as it builds in chain analysis signals based on data and heuristics to identify suspicious addresses.