Bitcoin Could Be Extorted From Russian Banks

There never really is a foolproof system out there, what more an economic solution, but we make do with what we have and move forward in faith that the world’s banking system will be able to sustain itself and improve from time to time. Bitcoin was once hailed as a savior, where it is supposed to offer secure transactions without being subjected to the kind of volatility that we see in currency markets these days, but this increased security and privacy is a sword that cuts both ways – a man has actually requested for ransom money to be paid in Bitcoin before. This time around, a Bitcoin-related crime that involved five Russian banks being subjected to an extortion of 50 Bitcoins, failure of which will see DDoS attacks performed on the banks.

Artyom Sychev, Deputy Director of the General Directorate of Security and Information Protection of Russia’s Central Bank, shared that the attack arrived anyway even in the presence of early warning signs that several financial institutions throughout Russia will end up in the crosshairs of these digital extortionists.

Mr. Sychev shared, “Last Saturday monitoring channels received information that, obviously, several major financial institutions will be attacked. We contacted with banks and gave them the possible details of how the attack will take place.” No major damage happened though, and neither were banking and operation services disrupted.

Edwin Kee
Categories: General
Tags: bitcoin