Bitcoin extortionists have begun blackmailing corporations and banks

 Hackers and scammers have been around for as long as we can remember, but Bitcoin has offered them the possibility to scam more people, but also to make more money off their backs.With this in mind, the latest reports indicate that a couple of large UK institutions and corporations including banks have been attacked by Bitcoin extortionists. The institutions have reported an increase in DDOS attacks from the group DD4BC, which has started operating last year. Their manner of operation is quite interesting, as they first go ahead and send out a letter to the companies, asking for ransom, which is usually of anywhere in between 1 to 100 bitcoins. In case their demands are not met, they will kick things off with a minor attack, to show off their power, and to get the victims to cooperate. If they refuse to, the group has been reported to initiate strong DDOS attacks, thus making the businesses’ websites unusable, while also creating glitches within their servers.Reports indicate that 58% of the group’s attacks have been financial institutions such as banks, but companies from other niches have been affected as well. Their attacks consist of NTP floods, UDP floods and SSDP floods. We’ll try not to get too technical and mention that such an attack is difficult to resist, especially if the bank of company lacks the technologic infrastructure needed. Additionally, it has also been mentioned that the group also works on a DDOS-for-hire basis, therefore, if anyone would like to hurt a business, or take down a site, the person can go ahead and pay the firm for their services, and then watch them being carried out.Such groups are emerging on a daily basis, and most of them take Bitcoin as the only payment options. To make sure that the market stays safe, and that institutions are no longer affected by extortionists, it is essential for law enforcement to take action and begin investigating each case in particular. Not only is the idea of blackmailing illegal in most countries, asking for ransoms in exchange for not carrying out hacking attacks is simply wrong.Bounties have been offered to people who can give out any information about the DD4BC group, but so far, no one has claimed it. It is unknown whether someone will turn their back against the hacking group, or somebody who has knowledge about it will open their mouth.With everything that has been outlined so far in mind, it’s also important to mention that the group definitely has a strong infrastructure, as they have been reported to carry out attacks of as much as 56.2 Gbps. What do you personally think about the continuous appearance of Bitcoin extortionists? Let us know your thoughts in the comment section below.