Top

Singaporean authorities alert businesses to Bitcoin ransomware risk

Policy & Regulation·June 11, 2024, 6:07 AM

Akira ransomware, responsible for stealing $42 million from over 250 organizations across North America, Europe and Australia in just a year, is now targeting businesses in Singapore. In response, Singaporean authorities have issued a joint advisory warning local businesses about the increasing threat posed by a variant of this ransomware.

https://asset.coinness.com/en/news/2a60ac3f2278d1ab842181ec0c178bfb.webp
Photo by Mike Enerio on Unsplash

Alert follows complaints

The alert follows multiple complaints from victims, prompting agencies like the Cyber Security Agency of Singapore (CSA), the Singapore Police Force (SPF) and the Personal Data Protection Commission (PDPC) to take action. These agencies emphasize the urgency of recognizing and combating this threat.

 

How Akira operates

Akira affiliates employ various techniques to infiltrate a victim's network. These include exploiting known vulernabilities. For example, that could mean the targeting of services like Cisco virtual private networks (VPNs) that have been configured without multi-factor authentication (MFA).

 

Another approach that the ransomware incorporates is attacking external-facing services such as the Remote Desktop Protocol (RDP) via brute force. Social engineering is another tool within its repertoire. This involves tricking victims into downloading malicious software or entering credentials on phishing websites.

 

There is a marketplace for compromised credentials in the dark web. Akira also relies on such data, acquiring it from access brokers who sell network access. 

 

Once inside a network, Akira affiliates often create new domain accounts to maintain persistent access, even after reboots. They use numerous tools to steal user credentials, escalate privileges and spread throughout the network.

 

Detection and prevention measures

The Singaporean advisory outlines several strategies for detecting, deterring and neutralizing Akira attacks. Authorities strongly advise against paying ransoms, on the basis that doing so does not guarantee data recovery or prevent future attacks.

 

Authorities also warn that paying ransoms can encourage further attacks. The FBI has noted that Akira operators do not contact victims. Instead, they expect victims to initiate contact.

 

Payment in Bitcoin

The advisory outlines how Bitcoin is implicated in the ransomware scam. It states:

”Ransom payments are requested in Bitcoin, which are directed to cryptocurrency wallet addresses specified by the affiliates. The TOR site (.onion) where victims contact the affiliates, contains stolen information and a list of the affected organisations.”

 

It’s not the first time that Singaporean authorities have issued warnings that have implicated Bitcoin and crypto. In January, the CSA and SPF, in a joint advisory, suggested that people should use hardware wallets in an effort to guard against crypto-related malware and phishing attacks.

 

A number of weeks prior to that, Singapore’s former Prime Minister, Lee Hsien Loong, took to Facebook to issue a warning with regard to a crypto scam that involved the use of deceptive content generated using artificial intelligence (AI).

 

Mitigation techniques

Businesses are being urged by the authorities to adopt best practices to mitigate the Akira ransomware threat. They suggest the implementation of a recovery plan alongside the use of multi-factor authentication (MFA) in order to secure data and the access to that data. 

 

They also suggest filtering network traffic as it helps in identifying and blocking malicious activities. Meanwhile, disabling unused ports and hyperlinks curbs the risk further as it reduces the attack surface. Lastly, the authorities suggested the use of system-wide encryption to protect data even if it is accessed by unauthorized entities.

More to Read
View All
Policy & Regulation·

Jul 12, 2023

China Unveils Offline SIM Card Wallet for Digital Yuan Payments

China Unveils Offline SIM Card Wallet for Digital Yuan PaymentsThe People’s Bank of China (PBoC) has announced a new offline SIM card-based solution for its digital yuan, enabling users to make payments even with their phones switched off.Photo by Sumeet Singh on UnsplashEmbedded hardwareThe innovative initiative was revealed via a social media post on Monday. It aims to reach users with 2G phones who were previously unable to access digital currency.Currently, this feature is only available for Android phone users with NFC functionality, as no details have been given for iOS users or 2G phone owners. This innovation is part of the central bank’s efforts to expand the reach and usage of its digital currency, especially for users with 2G phones who were previously unable to access it.Earlier this year, the PBoC launched a similar solution for smartphone users, using near-field communication (NFC) technology. However, the latest solution relies on hardware embedded in SIM cards, which can act as a “hard” (offline) central bank digital currency (CBDC) wallet.Partnership with telecoms giantsThe central bank’s partners relative to this particular project include major telecom operators China Mobile, China Telecom, and China Unicom, as well as state-owned commercial banks Industrial and Commercial Bank of China and Bank of China, who have also introduced SIM card-based “hard wallet products.” These developments are expected to significantly improve the payment capabilities and network-free functionality of the digital yuan.To use this feature, citizens have to get a “super SIM card” from their carriers. After they have replaced their existing SIM cards and opened the digital yuan app on their phones, they will see an option to “open a SIM card hard wallet.” This will enable them to make touch-based payments to merchants even when their devices are powered off or lack network connectivity.SIM-based wallets are likely to be particularly useful for those using 2G devices or smartphones without NFC capabilities. Considering that about 20% of Chinese mobile users still use 2G phones, it would make sense for the PBoC to continue working in this direction with future updates.Driving adoptionThe ultimate plan of the PBoC regarding SIM-based wallets is not clear yet. However, recent developments, such as the pilot project in Qingdao where CBDC payments were tested on the metro system without electricity or network, indicate a strong push toward increasing the accessibility and adoption of the digital yuan.Frankly, moves to bring about adoption of the e-CNY have been nothing short of relentless. These measures have varied from paying state employees in e-CNY in Changshu, collaborating with French bank BNP Paribas so that its corporate clients start to use the digital yuan and enabling e-CNY bus fare payments on public transport in Jinan.China’s Jiangsu Province has integrated the digital yuan into its education system, while the resort city of Sanya recently introduced e-CNY ATM machines so that foreign tourists have a means through which they can access the digital currency. These developments demonstrate a clear commitment by the Chinese authorities in advancing the rollout of its central bank digital currency.

news
Web3 & Enterprise·

Aug 08, 2023

Wemade Reports Loss of $30.6M Despite All-Time High Quarterly Revenue

Wemade Reports Loss of $30.6M Despite All-Time High Quarterly RevenueSouth Korean gaming company and blockchain giant Wemade disclosed its preliminary consolidated financial statements for the second quarter of this year, revealing an all-time high quarterly revenue of 159.3 billion KRW ($121 million). Despite this revenue, the company faced challenges, experiencing an operating loss of 40.3 billion KRW and ultimately recording a net loss of 29.4 billion KRW.Photo by Christian Wiediger on UnsplashNight Crows driving revenue growthThe Q2 revenue, marking a noteworthy year-on-year growth of 46%, can be attributed to the success of Wemade’s latest mobile game, Night Crows, according to local news outlet Newsis. This massively multiplayer online role-playing game (MMORPG) gained substantial traction since its launch in April. Drawing from this success, the game publisher has strategic plans to take Night Crows a step further by developing a blockchain version, with intentions to present it to global gamers within the current year.More games under developmentExpanding beyond Night Crows, Wemade is actively working on the development of other captivating gaming titles. These include Legend of Ymir, a game inspired by Norse mythology, and This Means War, a massively multiplayer online first-person shooting (MMOFPS) game.With a keen focus on blockchain ventures, Wemade is making significant strides in this domain. In May, the company forged a meaningful partnership by signing a memorandum of understanding (MOU) with Hub71, a prominent global tech hub based in the United Arab Emirates (UAE). Hub71 is undertaking initiatives aimed at nurturing Web3 startups and fostering the growth of blockchain technologies. Moreover, Henry Chang, Wemade’s CEO, attended WebX, the annual Japanese Web3 conference held in Tokyo last month, to call for game developers in Japan to participate in the burgeoning blockchain industry.Chang stated that capitalizing on its technological prowess, Wemade is actively identifying various business opportunities amid the rapid expansion of the global blockchain sector. He emphasized that the company is carefully preparing to make a seamless introduction of the blockchain version of Night Crows this year. According to Chang, Wemade is committed to investing in the creation of new games while strengthening the WEMIX ecosystem. A key element of this ecosystem is the WEMIX token, which supports three pivotal services: blockchain gaming platform WEMIX PLAY, DAO-driven NFT platform NILE, and decentralized finance service WEMIX.Fi.

news
Policy & Regulation·

Feb 14, 2024

Korea Customs Service to form task force to combat crypto-related crimes

The Korea Customs Service (KCS) is preparing to establish a dedicated task force to combat the surge in cryptocurrency-related crimes. According to a report by local media outlet Joseilbo, this initiative was deliberated in a meeting chaired by KCS Commissioner Ko Kwang-hyo, specifically convened to discuss strategies against foreign exchange violations. The KCS reported that last year, it uncovered a total of 198 criminal incidents related to foreign exchange activities, with the combined value reaching approximately KRW 1.9 trillion ($1.4 billion).Photo by Mathew Schwartz on UnsplashCrypto involved in 88% of forex violations Of the total amount mentioned, violations of the Foreign Exchange Transaction Act comprised KRW 1.654 trillion, with 88% of these incidents involving virtual assets. This represents a dramatic surge in the involvement of virtual assets in financial crimes, especially when compared to 2020, where crypto-related offenses constituted 3% of the total value linked to forex violations. This trend underscores the rapidly growing role of virtual assets in such illicit activities. To address these issues, the KCS is set to broaden its crackdown on illicit cryptocurrency activities. This crackdown targets practices such as transferring foreign currency overseas to acquire virtual assets for arbitrage trading and using virtual assets to conceal trade payments, thereby attempting to bypass customs duties.Task force’s international collaborationAs part of this initiative, the country's customs agency aims to build a task force focused on tackling crypto crimes. This specialized group will be responsible for gathering and analyzing data, conducting investigations and recommending regulatory enhancements. The task force will collaborate with financial regulators to obtain crypto transaction records from domestic cryptocurrency exchanges. Moreover, it will work with customs authorities of other countries, including Hong Kong, to collect details on crypto transactions conducted abroad. 

news
Loading