Hackers use ransomwares and ask for BTC for rescue

Ransomware attacks are becoming more frequent and sophisticated. Many companies have already been affected by such attacks and have been forced to pay bailouts in Bitcoin.

Hackers use ransomwares and ask for BTC for rescue

Court order of ownership

After the ransomware attack against a Canadian insurance company, a United Kingdom Superior Court executed a Bitcoin property court order (BTC) which prevents the handling of assets that are subject to a property claim. The progress in the development of ransomware attacks is a big problem facing cybersecurity because the methods are becoming more sophisticated and difficult to detect.

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In early 2019, Cyrus One, a data center provider, suffered a ransomware attack and was forced to pay a ransom of USD 600,000 in BTC to recover the data. In June of the same year, the systems of the city hall of Riviera Beach were infected by an attack with ransomware that logo encrypt government files. The State of Florida agreed with the hackers a payment of USD 600,000 in Bitcoin to decrypt the data.

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The Canadian insurance company joins the list of companies that are infected by this type of ransomware attacks. According to a document published by the United Kingdom High Court, the attack affected approximately 1,000 computers that were rendered unusable through the use of malware that cycled the files, making them inaccessible. The hackers demanded a payment of USD 1.2 million in Bitcoin but the company insurer agreed with the hackers to pay USD 950,000 in Bitcoin to decrypt the files.

In order to track the recovery, the company insurer hired the firm Chainalysis that specializes in blockchain analysis. According to Chainalysis's analysis, most of the Bitcoins were washed through the Bitfinex cryptocurrency exchange, so the court demanded that Bitfinex provide the necessary information to identify the attackers. For its part, Bitfinex stated: “Bitfinex has robust systems to enable it to help law enforcement authorities and litigants in cases like this. In this case, we have helped the Claimant track the stolen Bitcoin and understand that the Claimant's focus is no longer on the Bitfinex platform. Now it seems that Bitfinex is a completely innocent party involved in this crime.”