Superior Court of the United Kingdom orders to freeze $ 1 million in bitcoin in a Ransomware case

A United Kingdom Superior Court issued a court order of alleged Bitcoin ownership (BTC) obtained through a ransomware attack against a Canadian insurance company. A property court order is an order that prevents a person from managing their own assets when they are subject to a property claim in this case comes from a crime.

On January 17, the High Court of the United Kingdom published documents on a ransomware attack, in which more than 1,000 computers of the insurance company were rendered unusable through the use of malware that encrypted files, making them inaccessible. Unidentified attackers demanded $ 1.2 million in Bitcoin in exchange for decrypting or unlocking the data.

The company’s insurer covered the customer’s losses from cybercrime and agreed with hackers to pay $ 950,000 in Bitcoin to decrypt the files, and received a tool to unlock them 24 hours after making the payment.

At the same time, the company needed 10 days to restore all its systems, including 20 servers and 1,000 desktop computers.

Bitfinex delivered account information

The company’s insurer hired the main blockchain analysis firm Chainalysis to track the rescue. The analysis revealed that most of the Bitcoin, 96 BTC had been washed immediately through the Bitfinex encryption exchange. The court required Bitfinex to provide any information about the account holder who received the ransom before December 18, 2019.

When Cointelegraph contacted Bitfinex, the company did not clarify the Bitcoin status of the ransomers or what data was delivered to the court, stating the following:

    “Bitfinex has robust systems that allow police and litigation authorities to help in cases like this. In this case, we have helped the Claimant track the stolen Bitcoin and understand that the Claimant’s focus is no longer on the Bitfinex platform. Now it seems that Bitfinex is a completely innocent party mixed in this crime. ”

According to a January 25 report from the New Money Review, the case is still ongoing. Darragh Connell, the legal representative of the insurance company, said: “The return hearings of the provisional injunction will be heard again in due time before Judge Bryan, who has reserved the case for himself, since This is only the provisional stage. My client’s claim must be determined after a trial at the London Commercial Court. “

Ransomware attacks are a major cybersecurity threat and are increasingly advanced. As Cointelegraph reported in early December 2019, Texas-based data center provider CyrusOne paid a $ 600,000 ransom on BTC in an attack on its systems.

In June 2019, hackers managed to infect the systems of the city hall of Riviera Beach with ransomware and encrypt government files. Florida agreed to pay $ 600,000 in Bitcoin to hackers.

Blockchain-bitcoin technology is a very efficient database system is not to blame for the intentions of hackers, companies that track transactions in the blockchain, have the ability to track each of the addresses involved In these mismanagements of technology and the authorities can deliver justice quickly. It is expected by new announcements.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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