US Treasury Tracks $4.5B in Ransom Payments since 2013

US Treasury data released by FinCEN shows ransomware payments totalled more than $2.1 billion between 2022 and 2024 across 7,395 BSA reports relating to 4,194 incidents, with total ransomware payments traced to the past 14 years reaching $4.5 billion. The report notes that 2023 marked the peak, with payments totalling $1.1 billion, a 77% rise on 2022, and that 2024 saw approximately $813.55 million in payments, a decline from 2023.

It adds that Bitcoin accounted for the vast majority of payments, with Monero the second-placed cryptocurrency taking in $25.8 million from 55 payments. The piece also highlights industry impacts, naming financial services, manufacturing and healthcare as the sectors most affected, and Alphv/Black Cat as the most prominent ransomware gang over the three-year period.

Experts quoted in the article discuss factors behind the spike, including increased access by initial access brokers, a focus on external perimeter devices like VPNs, and a shift toward high-volume, lower-value attacks, while noting a RaaS splintering since disrupted operations in 2024.