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$7.5M Monero Ransomware Attack Strikes Telecom Argentina S.A

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Cybercriminals have struck Telecom Argentina S.A with a major ransomware attack and attackers demand $7.5 million in privacy-oriented crypto, Monero. According to a Spanish language website elperiodista.com that cites unknown workers, the attack that started on July 15 paralyzed the I.T system of the company.

The employees also notified the website that the company had requested that its employees do not open a file or e-mail address. In addition, the July 18 tweet from @krugermacro suggests that cyber attackers are threatening more damage if their demands are not met. According to reports, the attackers want their demands to be met by July 21, regardless of which ransomware demands will double while the firm’s system remains incapacitated.

Ransomware attacks and crypto scams on the rise

The Telecom Argentina S.A ransomware attack follows last week’s high-profile Twitter hack connected to a bitcoin giveaway scam. Nevertheless, Elliptic, a blockchain analytics firm, says a portion of the Bitcoin linked to the massive Twitter hack was mixed with a Coinjoin mixing software called Wasabi.

On the contrary, Monero is privacy-oriented crypto that has been written off in some crypto exchanges for the same reason. Regardless, some industry experts have questioned the attackers’ decision to demand such a tremendous amount of money in Monero. The founder and CEO of  Mana Security, Tim Ismilyaev, suggested that Monero has inferior liquidity on crypto exchanges; hence it is unsuitable for demanding such a huge amount.

Another reason behind the hefty Monero demands?

Additionally, Ismilyaev noted that liquidity is the sole reason why most ransomware attackers demand payment in bitcoin. He also states that “it’s especially strange to ask for $7.5M in monero – it’s about 13% of daily trading volumes; and would significantly impact the price.”

According to the Mana Security CEO, there could be another purpose behind the ransomware attack. “I think attackers don’t expect Telecom Argentina to pay such a big check, but they probably already have Monero and want to sell it for a better price after the price pump,” Ismilyvaev suggested.

Cryptocurrency Ransom Escalated by 200% in 2019

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According to a report published by digital forensics firm, Crypsis Group, the already operational surging trend in demand of ransoms by criminals is growing. As per the data, cryptocurrency ransom Escalated sharply by 200 percent from 2018 to 2019.

The 2020 Incident Response and Data Breach Report published by Crypsis Group indicates that it’s not astonishing that cyber criminals have demanded outrageous cryptocurrency ransoms over the last three years. According to the firm, the average amount demanded by cyber criminals was $115,123.

Cryptocurrency ransom demands on the rise

Moreover, the digital forensics firm noted that cyber criminals are changing their strategies to focus on enterprises in their ransomware attacks. As per the report, the attackers cautiously select their victims, so as to target those with the capability to pay huge amounts. Tactics used by criminals are gradually advancing over time.

Indeed, these new strategies have also manifestly adjusted pretty well, to conquer defense strategies put in place by the unfortunate victims. Additionally, the report highlighted that last year saw the rise of ransomware alterations like Phobos, Sodinokibi (or “REvil”) and Ryuk claiming that their strategies are “highly effective.”

Ryuk ransomware was the most widespread variant back in 2019 according to the digital forensics company. The report notes that cyber criminals depend on a banking trojan called TrickBot, to deploy their scam and criminal activities to the victims. 

Common ransomware attacks

Back in Q4 2019, the most common type of ransomware was Sodinokibi on incidents count. In fact, Sodinokibi is a ransomware-as-a-Service but only facilitates a fixed amount of ransomware affiliates to spread the ransomware.

Furthermore, Ryuk was also prevalent in terrorizing large enterprises during Q4 of 2019. Additionally, it was the second most popular after Sodinokibi. The median amount of ransomware demand by Ryuk skyrocketed sharply which was responsible for the majority of the hike in the average ransom payment doubling in Q4 2019.