Hackers demand $70 million Bitcoin ransom
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Hackers demand $70 million Bitcoin ransom

Saudu Clement
Saudu Clement

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

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

The group is asking for $70 million worth of Bitcoin before it can release 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 woes 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 was 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 the 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 bad publicity for the sector. Some lawmakers are already suggesting that courts should have the power to unmask crypto users and reverse transactions in the event of such attacks.