Ransomware attack: $1M pay out In BTC traced to Binance

ransomware attack

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Security operatives have traced a one million dollar payment for ransomware attacks to a wallet based on Binance exchange.

Experts have faulted the role of Bitcoin as one of the most used methods for payments for ransomware attacks. In light of this, a recent report from unknown sources has claimed that Bitcoin was used to pay for a Ryuk ransomware attack that began in 2018. 

Interpol has further claimed that hackers are now using Bitcoin as a go-to method of payments for attacks because of the privacy that is associated with the usage of the digital asset. Going by statistics, security experts reported that around $61 million had been paid to hackers via Bitcoin since the inception of the digital assets.

Researchers say Binance has been the home to the Ryuk hackers

In its primary sense, ransomware attacks are encryption attacks carried out by hackers after gaining backdoor asses into a system. The hackers, in turn, ask for payments to help the victims decrypt and gain access to their files. 

With the hardship brought about by the coronavirus pandemic, ransomware attacks have been on the rise since the beginning of the year. The full report submitted by certain researchers points to Binance as the major platform these criminals use to perpetrate their evil deeds.

Binance promises to increase security to fish out wallets involved in ransomware attacks

Going by reports, hackers that use this Ryuk ransomware attacks have been able to send their funds to Binance and have cashed out that same amount. Since the beginning of the activities of Ryuk in 2018, they have sent a total of 2,795 Bitcoin to their wallets on Binance. 

With Binance getting wind of the reports by researchers, they have claimed that they are doing everything in their power to fish out these criminals. Binance further noted that it is working tirelessly to increase security and KYC on the platform.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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