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Date:
08th Dec 2020
Author:
CryptoAltum Research Team

Foxconn Hacked, Attackers demanding $34 Million Ransom Payable in BTC


The Mexican facility of the Taiwanese electronics manufacturer and Apple partner, Foxconn was hacked on Nov 29. Hackers got access to the firm’s servers, stole 100 GB of unencrypted data files, deleted between 10 to 20 TB of backup data, and rendered 1,200 servers inaccessible. For decryption, the attackers are now asking for $34 million in BTC


Details: 

In the digital age, vulnerabilities can be consequential. Foxconn is the latest to be compromised and has to pay $34 million in BTC for a decryption key should they want to unlock important company files. Although employee personal information and financial details of the company weren’t affected, hackers managed to maneuver through their security systems and now want BTC in return. With attackers infiltrating systems and asking BTC in return, the cryptocurrency’s reputation is dragged down giving law enforcement reasons to double down and call for regulations for them to crack down on cryptocurrencies.


Impact on the BTC Price: 

Neutral. Attackers demanding BTC in exchange for the files’ decryption negatively impacts the space’s reputation.


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