The Commercialization of Ransomware: From Spray-and-Prey to Big Game Hunting to the Ransom Bazaar
Published online on April 29, 2026
Abstract
Crime & Delinquency, Ahead of Print.
Ransomware has evolved from opportunistic attacks into a sophisticated financial enterprise sustained by cryptocurrency markets, despite enforcement pressure. Drawing on the analysis of 525 ransomware strains (2013–2025), we identify three eras: Spray-and-...
Ransomware has evolved from opportunistic attacks into a sophisticated financial enterprise sustained by cryptocurrency markets, despite enforcement pressure. Drawing on the analysis of 525 ransomware strains (2013–2025), we identify three eras: Spray-and-...