Hacker Gang Known For Using Bitcoin, Ethereum For Ransom Brings Indonesia To A Grinding Halt: Report
Portfolio Pulse from Aniket Verma
Indonesia has experienced a significant cyberattack by the LockBit ransomware gang, affecting over 40 government entities, including major airports and immigration services. The attackers demanded an $8 million ransom in Bitcoin and Ethereum, which the government refused to pay. Efforts are ongoing to restore data at affected agencies.
June 27, 2024 | 5:25 am
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POSITIVE IMPACT
Telkom Group, a state-owned telecommunications giant in Indonesia, assured the public that their data is secure following the cyberattack. This assurance may help stabilize the company's stock price in the short term.
Telkom Group's assurance of data security following the cyberattack is a positive signal for investors, potentially stabilizing the company's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
Bitcoin was mentioned as the demanded ransom currency in the recent major cyberattack on Indonesia by the LockBit ransomware gang. The refusal to pay the ransom may lead to increased scrutiny and regulatory actions against Bitcoin transactions.
Bitcoin's mention as the demanded ransom currency highlights its use in illicit activities, which could lead to increased regulatory scrutiny. However, the refusal to pay the ransom may mitigate immediate negative impacts on Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ethereum was also mentioned as part of the ransom demand in the cyberattack on Indonesia. Similar to Bitcoin, this could lead to increased regulatory scrutiny on Ethereum transactions.
Ethereum's mention in the ransom demand underscores its use in cybercrime, potentially leading to regulatory scrutiny. The refusal to pay the ransom may reduce immediate negative impacts on Ethereum's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80