On Wednesday, JBS, a meat processing firm, confirmed paying hackers $11 million in BTC last months. The company did so to access its network after a damaging ransom attack.
JBS USA stated that the meat firm decided to avoid unforeseen problems due to the destructive attack and prevent data loss. However, the move came after consulting third-party cyberattack pros and internal IT experts. Additionally, the CEO admitted that they had to opt for the difficult decision for the safety of their clients.
At the moment, third-party criminological investigations are ongoing to uncover more about the incident. JBS stated that no customer, employee, or company suffered the consequences of the attack. Keep in mind that the FBI discourages cybercrime victims from paying the attackers since that creates a lucrative criminal marketplace.
On 30th May, the leading meat firm by sales JBS declared itself a victim of a planned hacking, aiming at its IT systems. The attack temporarily knocked out the company’s operations in the US, Canada, and Australia.
JBS attributed the attack to Sodinokibi (REvil), a renowned Russian-based cyberattack team that is among the top ransom earners alliances by revenue.
Keep in mind that Sodinokibi is among the fast adopters of the ‘double extortion” model. Other groups have emulated the model to increase pressure on the victims to submit to the ransom requirements within a stipulated timeframe and increase their chances of earning more profits.
According to Emsisoft stats, In Q1 2021, REvil and its partners accounted for around 4.6% of crime in private and public subdivisions. With that, the group ranked fifth after STOP – 51.4%, Phobos – 6.6%, Dharma – 5.1%, and Makop – 4.7%.
Mostly, the syndicates use Bitcoin mixing to proceed with their deals. That obscure their trail, after which it is sent to high-risk and legit crypto broker entries to transform the BTCs into real money.
Keep in mind that criminals have been launching crypto-related attacks ever since. The attackers target exchange platforms with shady features and any loophole in reputable firms. The best thing is that financial experts, governments, individuals, and crypto exchanges join hands to prevent hacking activities.