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Ransomware Attack Update: Hackers demand $70 million ransom

As a result of its recent attack on thousands of companies, the REvil ransomware gang is demanding a record-breaking $70 million ransom in Bitcoin (BTC).

Several companies worldwide were crippled by the supply-chain attack on software company Kaseya on the cusp of Independence Day. The cybercriminals could infect VSA servers used for remotely managing computers after exploiting a critical vulnerability.

The group demands $70 million worth of Bitcoin before issuing a universal decryptor for “more than a million” infected systems. The new demand follows an earlier request asking victims to pay $45,000 worth of Monero.

More distress for crypto?


In May, the DarkSide ransomware group successfully hacked Colonial Pipeline. However, the FBI was able to recover a substantial part of the Bitcoin ransom that hackers demanded.

A handful of government officials have highlighted the use of cryptos for illicit activities. The Kaseya incident undoubtedly puts crypto in the spotlight but for the wrong reasons. Democratic lawmaker Eric Swalwell has asked Congress to look into the role of crypto in the hack. Similarly, U.S. President Joe Biden has ordered a federal investigation into the attack.

While ransomware attacks are not new, demanding payments in cryptocurrencies is terrible publicity for the sector. As a result, some lawmakers are already suggesting that courts should have the power to unmask crypto users and reverse transactions in the event of such attacks.

FBI Stops the Bitcoin ransomware attack on Colonial Pipeline.

Recently this June, the agents of the Federal Bureau of Investigation (FBI) managed to deflect bitcoin funds that were stolen through a ransomware attack on the Colonial Pipeline. The move emerged in a massive blow to BTC. The cryptocurrency experienced another huge drop over the last weekend.

The FBI now came up with more details about the interception. The agency states that they were not able to find any security issues with the bitcoin units. Instead, they were able to stop the transaction on its way because the hackers utilized “sloppy storage.” It is still unclear how the FBI made such a swift move.

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