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
Web3 & Enterprise·

Aug 30, 2023

India’s CoinSwitch Trims Workforce Amid Market Downturn

India’s CoinSwitch Trims Workforce Amid Market DownturnIn the wake of an extended cryptocurrency market downturn, India’s CoinSwitch, a crypto investing app, has become the latest platform to downsize its staff, as reported by local news agency Moneycontrol on Monday.Photo by Kelli McClintock on UnsplashCustomer support cutsThe exchange has reportedly let 44 employees go from its customer support division this month, attributing the move to redundant roles caused by the bear market’s decline in customer queries.In a statement, CoinSwitch explained: “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform.”The company noted that this decision led to the voluntary resignation of 44 members from its support team, following detailed discussions with their managers. The 44 employees represent a significant portion — approximately 8% — of CoinSwitch’s total workforce. The company’s LinkedIn profile currently indicates that it has 519 employees.Following local industry trendCoinSwitch’s staff reduction news emerged barely a week after another prominent local exchange, CoinDCX, downsized its workforce by 12%, based on an overall headcount of around 730 employees (according to LinkedIn data).The fact that both businesses have taken the decision to cut staffing is indicative of an overall market downtrend currently. That said, CoinSwitch had onboarded 60 people since April, which would imply that the firm is expanding in other areas despite these customer service-related layoffs.This may reflect the company’s plan to change strategic direction. Going forward, CoinSwitch intends to diversify its product offering and transition towards becoming a wealth tech platform.CoinDCX layoffsCoinDCX’s Co-Founders, Sumit Gupta and Neeraj Khandelwal, stated last week that they were making what was a very difficult decision to reduce the size of the team by 12% and that they regretted that talented team members would be moving on from the organization. The founders attributed the decision to market challenges and also pointed out the impact of the 1% Tax Deducted at Source (TDS) applied to local crypto exchanges. They clarified:“These factors had a significant impact on our volumes and thus revenues. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity.”According to the announcement, the affected CoinDCX employees will receive a support package including severance pay equivalent to their full notice period, an additional month of salary, extension of health insurance, and other forms of assistance.CoinSwitch was founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari in 2017. The company received the backing of leading venture capital firms such as Andreessen Horowitz (a16z), Sequoia Capital, Tiger Global, Paradigm, Coinbase Ventures, and Ribbit Capital. In 2021 it was recognized as India’s second crypto firm to reach unicorn status, following a $260 million Series C funding round that saw the company reach a valuation of $1.9 billion.In 2022 India introduced a 30% tax on cryptocurrency gains, resulting in the exodus of numerous cryptocurrency service providers and a steep decline in crypto trading activity. The country has also implemented a 1% TDS for crypto exchanges, mandating that exchanges pay 1% on all crypto asset transfers.

news
Web3 & Enterprise·

Nov 10, 2023

SC Ventures cues up $100M crypto startup investment vehicle in UAE

SC Ventures cues up $100M crypto startup investment vehicle in UAESC Ventures, the Singapore-headquartered fintech investment arm of British financial services giant Standard Chartered, is set to forge a “Digital Asset Joint Venture” investment company in the United Arab Emirates (UAE) in collaboration with Japanese financial giant SBI Holdings.Photo by ZQ Lee on UnsplashBroad spectrum of crypto sector investmentThe CEO of SC Ventures, Alex Manson, outlined the joint venture’s strategic objectives in a press release published from Dubai on Thursday. Manson emphasized a focus on making strategic and minority investments in crucial areas such as market infrastructure, risk management, compliance tools, DeFi, tokenization, consumer payments and the metaverse.SBI Holdings has been collaborating quite a bit with Standard Chartered when it comes to the digital assets space over the course of the past year. It has invested in Standard Chartered subsidiary company Zodia Custody, a digital assets custodian. Subsequently, Zodia Custody has gone on to launch its services in Dubai, and in September, the company launched its services in Singapore.Meanwhile, SBI is similarly invested in Standard Chartered subsidiary Zodia Markets, an exchange and brokerage platform which recently received approval to trade in the UAE as a broker-dealer. A report by Nikkei Asia last month outlined that Standard Chartered is very much making a concerted effort to muscle its way into the Asian crypto space.Speaking at RippleSwell, an event held in Dubai earlier this week organized by blockchain company Ripple Labs, Zodia Custody CEO Julian Sawyer stated:“Blockchain is the future, tokenization is the future. It’s a question of how we get there and what speed we do that.”Building out a regional hubThis recent partnership comes as the UAE works towards strengthening its position as a fintech hub, leveraging improved infrastructure and a local talent base. Despite its roots in the UAE, the joint venture aims to explore opportunities within the global digital asset ecosystem. Manson highlighted the commitment to broader exploration beyond the local market, indicating a global perspective in navigating emerging opportunities.This development follows Standard Chartered’s earlier memorandum of understanding with the Dubai International Financial Centre in May. This agreement granted the bank approval to extend digital asset custody services to institutional clients on a global scale.While deeply entrenched in the crypto custody business, Standard Chartered is also actively engaging with the digital economy’s broader facets. In June, the bank partnered with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the Greater Bay Area of China, encompassing Guangdong province, Hong Kong and Macao.Both SBI and Standard Chartered are collaborating with the Monetary Authority of Singapore (MAS) in a project that seeks to build a comprehensive framework for the provision of interoperable and open networks for tokenized digital assets.This multifaceted approach positions Standard Chartered as a key player navigating the dynamic intersection of traditional finance and the evolving digital landscape. Market reaction to this recent development has been positive with one crypto sector participant stating:”Excited to see Standard Chartered expanding its services to accommodate the growing demand for crypto custody, especially in the UAE where the regulatory environment appears to be more favorable. This move could pave the way for increased institutional adoption of Bitcoin and Ethereum.”

news
Web3 & Enterprise·

Oct 02, 2023

Coinbase Acquires License to Enhance Crypto Operations in Singapore

Coinbase Acquires License to Enhance Crypto Operations in SingaporeUS crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement, announced by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially received in-principle approval from MAS.Photo by Duy Nguyen on UnsplashEnabling broader service offeringThe importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm extended its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.Singapore earmarked for growthSingapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially designated as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was awarded a full trading license. Other crypto firms to achieve licensing success in the city-state include Crypto.com and Blockchain.com.

news
Loading