Hassan Maishera
Add to Bookmarks
Hacking Computer

Ransomware hacking group REvil attacked some US companies over the weekend, demanding to be paid in Bitcoin. The leading cryptocurrency is increasingly used in Ransomware attacks, and this is causing problems for the authorities.

REvil Demands $70 Million In Bitcoin

Russian-based ransomware group brought down the networks of at least 200 United States companies over the weekend. The hacking group is now demanding $70 million in ransom and wants it to be paid in Bitcoin.

Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

According to ABC News, the hacking group targeted software supplier Kaseya and proceeded to use its network-managed package to spread ransomware through its cloud. This resulted in over a million machines getting infected by the ransomware.

Following the attack, the Russian-based group is now demanding to be paid in Bitcoin in exchange for a decrypter for the infected machines. The group wrote, “On Friday, we launched an attack on [managed service providers]. More than a million systems were infected.”

United States President Joe Biden has already ordered investigations into the incidence. In a Reuters report, Biden said they were not certain of the origins of the hack. “The initial thinking was it was not the Russian government, but we’re not sure yet,” the president said.


Bitcoin’s Usage In Ransomware Is Increasing

The worrying aspect is the increasing use of Bitcoin in ransomware attacks. In May, the group attacked Colonial Pipeline, with the company faced to pay $5 million ransom after REvil restricted its functionality and services. The attack led to a gas crisis in the United States. Furthermore, JBS Holdings, the world’s largest meat company by sales, had to pay $11 million in ransom in May following an attack by REvil.

The use of Bitcoin (BTC) and other cryptocurrencies in ransomware attacks is one of the major reasons some authorities still shun the market. Despite that, the cryptocurrency market is evolving, and there is continuous research on how to abduct criminals that use cryptos to launder or steal funds.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s price is still trading below $35k, down by nearly 50% from its all-time high.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker