Hacker Gang Known For Using Bitcoin, Ethereum For Ransom Brings Indonesia To A Grinding Halt: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 27 2024
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Source: Coinmarketcap
- What Happened: Indonesia experienced a major cyberattack by the ransomware gang LockBit, affecting over 40 government entities and disrupting immigration services and airport operations.
- Current Status: Data has been restored for five agencies, efforts are ongoing for 39 others, and Telkom Group assured data security at a joint press conference with the ministry.
- Ransom Demand: The attacker demanded an $8 million ransom in Bitcoin and Ethereum, which the government refused to pay.
- LockBit Operations: LockBit operates as a "ransomware-as-a-service" business model, responsible for 28% of known ransomware attacks.
- Law Enforcement Action: Earlier this year, U.S. and UK law enforcement indicted two Russian nationals for deploying the malware, blacklisting their cryptocurrency addresses.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
