Category Archives: extortion

Interest rates down, bitcoin stockpiles up

The Guardian and the International Business Times offer a sidebar to the ‘Do/should businesses/organizations pay up?’ discussion, by revealing that financial institutions are amassing bitcoin in case of extortion. However, both articles are focused on DDoS attacks and related extortion demands rather than ransomware. The IBT article doesn’t really go into the question of whether paying up is a Good Thing, except to quote Dr. Simon Moores: ‘”The police will concede that they don’t have the resources available to deal with this because of the significant growth in the number of attacks.” The article in the Guardian (from which the IBT seems to have drawn most of its content) does explore that issue in more depth, but doesn’t discuss ransomware at all.

However, IBT does quote Marcin Kleczynski of Malwarebytes as saying a couple of months ago that he knew of UK banks that have substantial quantities of bitcoin ready to deploy in the event of a ransomware attack. Well, that’s going to discourage the bad guys, isn’t it? 🙁

International Business Times: UK banks allegedly stockpiling Bitcoin to pay off cybercrime extortion threats – Police ‘don’t have the resources’ to combat cyber extortion attempts, expert claims.

David Harley

Data breaches used as basis for extortion

Not ransomware, but related in that it clearly involves extortion/blackmail: the FBI has issued an alert about Extortion E-Mail Schemes Tied To Recent High-Profile Data Breaches. The threatening messages arrive in the wake of a flood of revelations of high-profile data thefts. The ready availability of stolen credentials is used by crooks to convince victims that they have information that will be released to friends ‘and family members (and perhaps even your employers too)’ unless a payment of 2-5 bitcoins is received.

The generic nature of some of the messages quoted by the FBI doesn’t suggest that the scammer has any real knowledge of the targets or of information that relates to them.

‘If you think this amount is too high, consider how expensive a divorce lawyer is. If you are already divorced then…’

This sounds more like mass mailouts in the hope that some will reach a target sufficiently guilt-ridden to pay up just in case. Other messages may well frighten some people, fearful of being ‘doxed’, into paying up in case their personally-identifiable information falls into the wrong hands.

David Harley

DaaS-tardly Doxing

Here’s a slightly different twist on extortion that doesn’t involve ransomware. Steve Ragan describes for CSO Salted Hash how a Website offers Doxing-as-a-Service and customized extortion. The subtitle explains the business model:

Those posting Dox will get a commission, or they can pay to have someone’s personal details exposed

The amount of commission depends on the type of Doxing. In ascending order of payment:

  • Miscellaneous
  • Revenge
  • Paedophiles [the American spelling is used by the site: Cymmetria’s Nitsan Saddan is quoted as believing that it’s likely that ‘these are American players.’]
  • Law enforcement
  • Famous

The DaaS-tardly doxing service is priced according to the type of information collected, from the barest details to a complete profile. Ragan observes that the service doesn’t seem to be collecting customers – at any rate:

…the Bitcoin wallet used to process payments for this service has received no transactions.

And he has seen little traction on the site since he’s been monitoring it. Nevertheless, he predicts that this kind of activity will become more common.

David Harley