Categories: News

Three Greek Banks attacked by Bitcoin extortionists

In the last couple of weeks, bitcoin extortionists have begun acting out more. In fact, recent reports indicate that hackers have attacked three Greek banks for the third time, in a total of five days.

According to Greek police and the Greek Central Bank, it seems like the ransom demanded from each bank was of 20,000 bitcoin, which translates to roughly $7.2 million.

The group, which refers to itself by the name of Armada Collective, staged their first attacks last Thursday. At that moment in time, they warned the institutions that a full collapse of Greek bank websites would be imminent if the ransoms weren’t paid up.

Based on this, the initial attacks were structured in the form of DDOS hits, thus flooding the websites with too many requests, hence brining the websites down. When they did this, they managed to disrupt electronic transactions for all three banks for a period of time, but no customer information has been affected.

As the three banks refused to pay up, the hackers went ahead and attacked once again. Only this time, the banks had strengthened their defence, so thanks to this, no actual disruptions of service took place.

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The banks have gotten in touch with the authorities, which are now investigating the case, and trying to find the hackers responsible for this.

Based on everything that has been outlined so far, what do you personally think about the recent spark in bitcoin ransom attacks? Let us know your thoughts in the comment section below.

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Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

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