Crypto Ransomware Inflows Rise As Attackers Shift to Targeted, ‘Big Game Hunting’ Strategy: Chainalysis

Market intelligence platform Chainalysis says losses from crypto theft and ransomware attacks have increased over the past year as attackers employ a new strategy to collect more from their victims.

In a new report, Chainalysis says that stolen fund inflows nearly doubled from $857 million to $1.58 billion despite a general decline in illicit transactions.

Ransomware inflows also rose by around 2% from $449.1 million to $459.8 million.

The median ransom for the most damaging ransomware events has increased from under $200,000 in early 2023 to $1.5 million in mid-June 2024, representing a 7.9x increase during the period and a 1,200x increase since the start of 2021.

According to Chainalysis, bad actors manage to siphon more from fewer victims by making targeted attacks.

“2024 is set to be the highest-grossing year yet for ransomware payments, due in no small part to strains carrying out fewer high-profile attacks, but collecting large payments (known in the industry as “big game hunting”).”

Earlier this year, the cybercrime group Dark Angels collected $75 million in ransomware payments, the largest in history. Chainalysis says that the most severe ransomware strains are now aimed at victims who can pay more.

“These strains are prioritizing targeting larger businesses and critical infrastructure providers that may be more likely to pay high ransoms due to their deep pockets and systemic importance.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Crypto Ransomware Inflows Rise As Attackers Shift to Targeted, ‘Big Game Hunting’ Strategy: Chainalysis appeared first on The Daily Hodl.