Ransomware hackers hit German store, MediaMarkt demands $50M ransom

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TL;DR Breakdown

  • Ransomware hackers hit German chain store Media markt.
  • Demands $50m ransom from Media markt.
  • Over $80m stolen with spate of ransomware hacks in 2021.

Ransomware hackers have struck again, this time hitting top German Media Markt, a multinational chain of stores selling consumer electronics with over 1000 stores in Europe.

Per reports, the ransomware hackers struck on Sunday as the electric store began investigating the hack. The attackers allegedly encrypted and blocked various key services of the retailer, including its ability to accept credit cards and accept returns in some stores. Online sales are reportedly unaffected.

The hackers have also demanded for $240m in Bitcoin to release the encrypted data but later reduced their demand to $50m after MediaMarkt began negotiations with the attackers.

Reportedly, MediaMarkt is Europe’s largest and most profitable electronics retailer, with over 1,000 stores across Europe and revenue worth $25 billion yearly. The firm undoubtedly is a good catch for ransomware hackers.

Ransomware hackers have stolen $81million in 2021 – Chainalysis

Blockchain analytics firm Chainalysis in a recent report, said considering the rise in crypto prices this year and surge in ransomware attacks, the tally of stolen crypto from ransomware attacks had already reached $81 million as of May 2021.

Series of Ransomeware hackers have struck this year, many of which were high-profile attacks. One of the most serious was the tack on U.S. Colonial Pipeline. The large oil pipeline system responsible for servicing the Southeastern United States was forced to shut down due to a ransomware attack. It led to fuel shortage and hike in prices in the region.

The spate of hack has also seen the U.S. the Department of Justice has elevated ransomware threats to the same level as terrorism.

Towards curbing the spate of the attack, the U.S. has established a specific task force to monitor cyber threats as they appear and nip them in the bud alongside other security agencies.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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