Topic: Argentina’s telecommunications hacked, demands Monero for ransom (Read 443 times)
Privacy coin such as Monero is very useful in elicit activities, but I doubt that crypto community is happy for this for using crypto for wrong doings over the internet. Now that hackers are exercising the use of privacy coins the authorities will have a hard time tracking illegal funds.
August 02, 2020, 01:58:09 PM
Must be hard for Telecommunications to even try to contact Monero, I doubt Monero could find a solution for this attack. It was the ransomware attack after all so they have to pay to keep their data. What could Monero do?
Monero is one of the strongest privacy centred coins that I know of so I doubt even monero could help them track the funds plus if the attack uses any sort of mixer then that would make it even tougher to track.
August 02, 2020, 01:29:52 PM
Must be hard for Telecommunications to even try to contact Monero, I doubt Monero could find a solution for this attack. It was the ransomware attack after all so they have to pay to keep their data. What could Monero do?
Monero is one of the strongest privacy centred coins that I know of so I doubt even monero could help them track the funds plus if the attack uses any sort of mixer then that would make it even tougher to track.
August 02, 2020, 01:08:13 PM
Were these hacks caused US authority and fed went hot after Monero or anything related to it? I like Monero but to be honest, I just want it for kind of stay between the gray area. One it becomes a true privacy coin, every authority in the world will want to shut it down.
August 02, 2020, 12:04:23 PM
Must be hard for Telecommunications to even try to contact Monero, I doubt Monero could find a solution for this attack. It was the ransomware attack after all so they have to pay to keep their data. What could Monero do?
That’s true. Even if the company is able to get in touch with the team of Monero, there is nothing that can be achieved.If someone is trying to extort money from you, you do not go to the bank saying that save my money or get my money back or help me track it or something as the bank isn’t responsible for any of it.
Same scenario is with monero as it is not responsible for the theft or hacking. Moreover, being a high-end privacy coin and decentralized at the same time, there is no way to track down the receiver or revert the sent payment.
Quote
Argentina’s telecommunications hacked and called for rescue in Monero
by Amber Baxter July 19, 2020
Telecommunications, Argentina’s largest telecommunications company was the victim of a ransomware attack as reported by several users on Twitter. Hackers are demanding $ 7.5 million in Monero (XMR), an amount that would increase to 15 million if the company doesn’t pay in less than 48 hours.
by Amber Baxter July 19, 2020
Telecommunications, Argentina’s largest telecommunications company was the victim of a ransomware attack as reported by several users on Twitter. Hackers are demanding $ 7.5 million in Monero (XMR), an amount that would increase to 15 million if the company doesn’t pay in less than 48 hours.
https://www.europeworldnews.com/argentinas-telecommunications-hacked-and-called-for-rescue-in-monero
It's interesting that the hackers are now demanding Monero, instead of the usual BTC which is the mode of ransom for many such attacks. Its for $7.5 million, and that is huge amount, I don't know if the company are willing to comply though, so let's see how things will turn out.
Moreover, asking for Monero instead of Bitcoin makes sense as XMR offers a much high level of privacy than BTC. It is basically a privacy coin which also focuses on fungibility and decentralization. Therefore, its superior to Bitcoin in terms of privacy and security.
This attack and hacks is ruining the reputation of Bitcoin. Last time, it was some group of hackers demanding BTC on Twitter.
Believe me, in one way or the other, US and many developed countries will find it difficult to recognize crypto as friendly investments. The privacy afforded by Monero has done more harm than good especially in dark web.
Believe me, in one way or the other, US and many developed countries will find it difficult to recognize crypto as friendly investments. The privacy afforded by Monero has done more harm than good especially in dark web.
But that twitter hack situation was different. There they asked send me and we will send you back. So send fast no time to learn about Monero. Now is a demanding ransom and Argentina Telecom have time to learn about Monero and buy it. Many people have Bitcoin lying in their wallets. Rare have Monero.
This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
A concrete reaction to your perspective is, "Has any exchange delisted Bitcoin?" No? Has Bitcoin not been used to collect ransom and why no exchange has sanctioned it? Well, let's go pass that and face reality. I don't think anything exchange will attempts, except the exchange was already on the process of delisting it before the hack. 
Either way this is not good for the health of the crypto community, news like this often leads to a major decline of the market which might take some time to effect.Otherwise, nothing in that direction will happen. It's the same way no country has sanctioned its currency because it was used for something untoward.
It's like prohibiting guns because it can kill people, same vibe as this, very foolish idea. There were already a bunch of scam involving bitcoin yet, all of the exchanges has it on the top of their list, even their priority coin.
It is so sad to see situation like this. Hackers are becoming more dangerous by the day. If only we can have a way of preventing events like this one it would have been better. The telecommunication company need to protect their data, they will have no choice than to bargain.
Quote
Argentina’s telecommunications hacked and called for rescue in Monero
by Amber Baxter July 19, 2020
Telecommunications, Argentina’s largest telecommunications company was the victim of a ransomware attack as reported by several users on Twitter. Hackers are demanding $ 7.5 million in Monero (XMR), an amount that would increase to 15 million if the company doesn’t pay in less than 48 hours.
by Amber Baxter July 19, 2020
Telecommunications, Argentina’s largest telecommunications company was the victim of a ransomware attack as reported by several users on Twitter. Hackers are demanding $ 7.5 million in Monero (XMR), an amount that would increase to 15 million if the company doesn’t pay in less than 48 hours.
https://www.europeworldnews.com/argentinas-telecommunications-hacked-and-called-for-rescue-in-monero
It's interesting that the hackers are now demanding Monero, instead of the usual BTC which is the mode of ransom for many such attacks. Its for $7.5 million, and that is huge amount, I don't know if the company are willing to comply though, so let's see how things will turn out.
This situation also explains why authorities and regulators do not like completely anonymous cryptocurrencies like monero so it seems that the regulatory compliance for coins like monero is never going to be realized.
I don't think they have any choice not to pay, I believe the hackers knows what they are doing because Monero is the darkest privacy coin in the space. This could be a good and bad thing for Monero because some exchange may decided to stop the trading because most of them want to be in the good book of the Governments but the market may become more bullish on it because it is a dark markets contributions to the space is huge
This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
A concrete reaction to your perspective is, "Has any exchange delisted Bitcoin?" No? Has Bitcoin not been used to collect ransom and why no exchange has sanctioned it? Well, let's go pass that and face reality. I don't think anything exchange will attempts, except the exchange was already on the process of delisting it before the hack. Otherwise, nothing in that direction will happen. It's the same way no country has sanctioned its currency because it was used for something untoward.
I'm betting this whole mess caused by one employee clicked on the wrong link either by mail or porn and allowed it to run and infected the whole network. The IT desk should take responsibility too for not having data backup in another way in case of hacks like this.
We all know why the hackers are demanding Monero instead of bitcoin, but this kind of scenario such as hacking, scamming, and other illegal activities are really the downside that can affect the crypto.
But I'm curious what action they did and if they really gave those hackers what they are asking. It's the largest telecommunication company in the said country and it also involves a huge amount of money. It won't be easy to track those hackers and it's not a joke, and knowing that we've seen more crypto hacking related news, it can affect the market and the industry.
But I'm curious what action they did and if they really gave those hackers what they are asking. It's the largest telecommunication company in the said country and it also involves a huge amount of money. It won't be easy to track those hackers and it's not a joke, and knowing that we've seen more crypto hacking related news, it can affect the market and the industry.
Criminals often choose to demand Bitcoin for ransom because it's the most popular coins, so it increases the chances of getting paid. I don't think they were sleeping on Monero before, what has changed now is that chainanalysis gets stronger and stronger, the companies that were doing it now have many years of experience, through which they were perfecting their algorithms. I expect that Monero will be used more and more for crime, which is good for Bitcoin, for now.
I guess that are looking for a currency that provide complete anonymous transaction without having to start using mixing services. Monero seems to be the choice for them. If they successfully pay the hackers the ransom without them getting arrested, it is likely hackers change from demanding for BTC to Monero for paying ransom and the next questions will be how to trace monero collected in such cases.
Well, one of the first news after the twitter hack was that Genimi will track the funds and will not allow withdrawal if their exchange is used. Of course that such news will make the hackers turn to Monero.
This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
But since it's such a huge amount I am confident the ransom will not be paid.
This is more of a bad news for Monero, remember that exchanges are really hard on them. Some exchanges are delisting them because of its capacity to hide tracks and it's privacy features that has been taken advantage of criminals. And with this news, this will amplify again, best scenario is for the company not paying this criminals. This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
But since it's such a huge amount I am confident the ransom will not be paid.
Well, one of the first news after the twitter hack was that Genimi will track the funds and will not allow withdrawal if their exchange is used. Of course that such news will make the hackers turn to Monero.
This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
But since it's such a huge amount I am confident the ransom will not be paid.
This is quite a praise for Monero capabilities, but it's also bad news since this kind of actions could make some more exchanges (which are usually eager to comply with authorities' rules) delist Monero.
But since it's such a huge amount I am confident the ransom will not be paid.
It's interesting that the hackers are now demanding Monero, instead of the usual BTC which is the mode of ransom for many such attacks. Its for $7.5 million, and that is huge amount, I don't know if the company are willing to comply though, so let's see how things will turn out.
Looks like the hackers have learned their lesson the hard way as you can ask for a ransom with bitcoin and expect to be anonymous and hence they are venturing into other coins that are advertising themselves as secure anonymous coins and if there is long list of hackers demanding monero then the developers will have a hard time with the authorities.
Hackers are definitely getting more expert, Monero is a wise choice to avoid tracking... the world needs to face digitalization as soon as possible instead of turning their backs to it... this kind of thing will be happening more and more until society is ready for these attacks, and this means to have professionals and departments to deal with this kind of stuff
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