Cryptocurrency Cybercrime

Ransomware Cyber Attack Shuts Down 1,500 Small Businesses

On Friday July 2nd, around 2pm EST, IT and Security Management Solutions company Kaseya, became the latest victim of America’s most recent cyber attacks.

They first received reports of “suspicious things happening” and “strange behaviors”. Within the hour, the company had shutdown VSA servers. Kaseya’s CEO Fred Voccola addressed the attack with detail, stating anywhere from 800-1,500 small businesses were compromised.

Currently Kaseya is working with the Department of Homeland Security, the FBI, and the White House, to combine resources and determine the source of the attack. There is currently an open Reddit forum targeting these cybercriminal organizations involved in these attacks.

As reported by The Record, “In a message posted on their dark web blog, the REvil gang officially took credit for the attack for the first time and claimed they locked more than one million systems during the Kaseya incident.”

“On Friday (02.07.2021) we launched an attack on MSP providers. More than a million systems were infected. If anyone wants to negotiate about universal decryptor – our price is 70 000 000$ in BTC and we will publish publicly decryptor that decrypts files of all victims, so everyone will be able to recover from attack in less than an hour. If you are interested in such deal – contact us using victims “readme” file instructions.”

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REvil, are the same deranged hacker group that claimed responsibility for the cyberattack last month on the “world’s largest meat supplier”: JBS, who paid the thieves $11 million.

This attack comes with a recent trend of ransomware attacks, similar to the criminal organization Darkside, the group behind the Colonial Pipeline attack which resulted in a pipeline shutdown in May. President Biden’s rewarded the criminals by paying the ransom to the criminal hackers, which was $5 million. On June 7th, the Department of Justice released a statement that “investigators had seized 63.7 bitcoins” [~$2.3 million].

Will cybercrimes become more frequent with the rise of new technology? Is the Biden Administration’s compliance with cybercriminals a motivating factor behind the latest ransomware attacks? Will these increasing attacks begin to effect the value of Bitcoin, and the stability of our American economy?

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