New Australian ransomware plan allows for seizure of crypto
Australian authorities will be able to seize or freeze cryptocurrencies linked to cybercrime under new legislation. Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders.The new measures and proposed Surveillance Legislation Amendment announced by the federal government on Oct. 13 come after a 60% surge in cyberattacks on Australian businesses and state agencies last year. According to reports, these incursions cost the economy $AU1.4 billion (around $US1 billion).The Ransomware Action Plan would give authorities the....
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There has been a massive hack attack on more than 20,000 Australian computers according to SMH and Stay Smart Online. Reports say that thousands of Australian PCs have been frozen and locked by hackers using a software that encrypt all files on the computers. The malicious and damaging software then asks for a ransom in Bitcoin to unlock the computer. Australian government agencies are closely monitoring and investigating the hacking of thousands different Australian computers. Multiple individuals have already paid the ransom to recover their files. The Ransomware. The malicious software,....
Coinbase CSO says ‘good ol’ fashioned police work’ landed the FBI the private keys. Coinbase’s Chief Security Officer has refuted suggestions the U.S. crypto exchange was involved in any seizure of crypto assets related to recent Colonial Pipeline ransomware attack.CSO Philip Martin took to Twitter on June 8 to explain the firm’s involvement, or lack of it, with the Department of Justice warrant for the seizure of Bitcoin.“Coinbase was not the target of the warrant and did not receive the ransom or any part of the ransom at any point. We also have no evidence that the funds went through a....
The percentage of illegal crypto transactions, according to this Chainalysis report, is about 2% of total transactions. Although the majority of cryptocurrency transactions is not illegal, it is increasingly being used for criminal activities. As part of a dark web operation, Australian police have conducted a massive cryptocurrency seizure. The total value seized was about $6 million (AUD 8.5 million). According to the authorities, this is the largest crypto seizure made in Australia in history. Crypto Seizure And The Dark Web Victoria police reported that the seizure was part of an....
The public and private sectora are now joining forces to stop ransomware as part of an international initiative to combat cybercrime. Groups participating in the project include Intel Security, Kaspersky Lab, the Dutch National Police and Europol. International Crackdown on Ransomware. The initiative, called “No More Ransom,” has a simple goal: make it more difficult for cyber criminals to capitalize on ransomware by outsmarting them. The organizers plan on doing this by both offering people decryption keys and advice on how to avoid becoming victims in the first place, thus avoiding....
Over the course of 2015, many individuals and companies have been affected by ransomware. While this may have nothing to do with Bitcoin at first glance, there have been a few cases where the ransomware could only be removed by paying a certain fee in Bitcoin. But those days may be over now, as a decryption toolkit for various types of ransomware has been made publicly available, free of charge. CryptoLocker and CoinVault Ransomware. Two types of ransomware making headlines all across the world in recent months are called CryptoLocker and CoinVault. Both types of ransomware operate, in the....