A report from the Financial Crimes Enforcement Network (FinCEN) reveals a significant spike in ransomware activity, peaking in 2023 with 1,512 reported incidents and $1.1 billion in ransom payments, a 77% increase from the previous year. However, both the number of incidents and the total amount paid dropped in 2024, likely due to law enforcement actions against major gangs like ALPHV/BlackCat and LockBit. The report documented 4,194 ransomware incidents from January 2022 to December 2024, with total ransom payments exceeding $2.1 billion—approaching the total reported from 2013 to 2021. FinCEN identified 267 distinct ransomware families, with Akira leading in incident reports at 376. ALPHV/BlackCat topped the list in total ransom collected, earning about $395 million, followed by LockBit at $252.4 million. Financial services, healthcare, and manufacturing were the hardest hit sectors, with the largest losses attributed to financial institutions, totaling approximately $365.6 million. Most ransom payments were made in Bitcoin (97%), with only a few in other cryptocurrencies like Monero and Ether. FinCEN urges organizations to report ransomware incidents and payments to aid in combatting cybercrime.