The value of illegal activity in the cryptocurrency sector fell by about 20 per cent annually in the first half of 2024, despite a rise in stolen funds and ransomware attacks, a report from Chainalysis has shown.
Illicit transactions dropped to $16.7 billion, from $20.9 billion, in the first six months of the year, an indication that legitimate activity is growing faster, the New York-based blockchain company said in its midyear review this week.
However, the flow of stolen funds almost doubled from to $1.58 billion, from $857 million, while ransomware inflows increased by about 2 per cent to $459.8 million, from $449.1 million in the same period last year.
“So far this year, inflows to legitimate services are the highest they’ve been since 2021, the previous bull market peak. This encouraging sign points to the continued adoption of crypto globally,” analysts at Chainalysis wrote in the study.
The cryptocurrency industry has struggled with a spate of challenges, most notably regulators attempting to establish some control over the industry amid questions over how the sector operates and the opportunity for cybercriminals to exploit it.
The situation came to a head in 2022, one of the most tumultuous in cryptocurrency history, with the implosion of several large companies including Celsius Network, Three Arrows Capital and, most prominently, Sam Bankman-Fried's FTX.
“With any new technology, adoption will grow among both good and bad actors. And while illicit activity is down year-to-date compared to previous years, crypto inflows to specific cybercrime-related entities show some worrying trends,” the Chainalysis analysts said.
This is reflected in Chainalysis' projection that 2024 will potentially be the highest-grossing ransomware year.
Ransomware attacks over crypto activity already set a record last year, with more than $1 billion in ransoms paid, Chainalysis data shows. But in the six months to June last year, Chainalysis reported cumulative ransomware payments at more than $449 million; in the same period this year, this is already up at about $460 million, “setting 2024 firmly on track for the worst year on record”, it said.
Ransomware attacks are also getting demonstrably worse with the increase in the maximum ransom payment recorded in any given year, according to Chainalysis.
So far this year, the largest single payment ever recorded was about $75 million to a ransomware group known as Dark Angels – a 96 per cent annual jump in the maximum payment from last year and a 335 per cent increase from 2022, its data shows.
“If the rapidly increasing maximum payment amount were not bad enough, it is doubly discouraging that this trend in the outlier value for each year is actually mirrored by a growing trend in the median payment. This trend is especially common among the most-damaging ransomware events,” it added.
The average amount of cryptocurrency stolen per heist in 2024 jumped by about 80 per cent, a stark contrast to the 50 per cent decline recorded last year, compared to the previous year, Chainalysis found.
Part of this increase is attributable to the rise in the price of Bitcoin, which accounted for about 40 per cent of the total transaction volume associated with these heists, it said.
Bitcoin, the world's biggest cryptocurrency, leapt to a record of about $74,000 in March, which, at that point, was a 67 per cent year-to-date jump. Since then, however, it has been on the retreat again; it was trading at about $59,200 on Saturday, data from CoinMarketCap shows.
Crypto thieves have also apparently “returned to their roots” by targeting centralised exchanges with greater frequency rather than prioritising decentralised finance protocols, which are less popular vehicles for trading Bitcoin, Chainalysis said.
“This year has seen a resurgence of hacking activity. Comparing both amounts stolen and the number of hacking incidents year-on-year is telling,” it said.
“While attacks on DeFi services … were at their peak in 2022, we speculated that attackers had turned their attention to newer, more vulnerable organisations after centralised exchanges had increased their investments in security.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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The%20specs
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Honeymoonish
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The%20Roundup
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Heather, the Totality
Matthew Weiner,
Canongate
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
