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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Johannesburg City Infrastructure Locked Down Due to Bitcoin Ransom

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin ransomware crypto shutterstock_680075008

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Bitcoin and other cryptocurrencies are often requested by hackers after deploying ransomware on unsuspecting user’s computers due to the layer of pseudo-anonymity they provide.

The leading crypto asset by market cap is once again at the center of a major ransomware attack that’s left the South African city of Johannesburg in a state of lockdown.

Hackers Demand 4 Bitcoin In Johannesburg Ransomware Attack

Bitcoin ransom is becoming a growing threat. The crypto asset itself is not responsible for the actions of hackers, however, it is commonly used for illicit crimes such as money laundering, or in this instance, ransomware. Hackers demand Bitcoin from users after remotely installing malware on the computers of individuals, businesses, or even government entities, as a way to hide their true identities and make tracing any transactions all the more difficult.

Related Reading | Panera Bread, Porn, & Bitcoin At Center of Alleged Scandal Involving 86-Year-Old Woman

This is exactly the case in the South African city of Johannesburg, where the city is currently locked out of a number of its computer systems after being hit with a ransomware attack.

According to Johannesburg city council member Funzela Ngobeni, hackers were able to gain control over the city’s computer systems last Thursday, with a deadline of this past Monday to cough up a ransom payment of 4 Bitcoin. At today’s prices, this is less than $40,000 in exchange for the city’s infrastructure.

However, as is often the case, government officials refuse to cooperate with the hackers and instead seek alternatives to regain control of critical computer systems.

“The city will not concede to their demands for bitcoins, and we are confident that we will be able to restore systems to full functionality,” Ngobeni said.

Forensic computer experts were able to restore up to 80% of the system functionality thus far. The ransomware attack affected the city’s billing and payments systems and has made it impossible for citizens to pay their utility bills and the like, prompting officials to recommend any payments be made in cash in person at banks while the issue is being investigated.

The city also suffered a ransomware attack this past July, which left a portion of the city without electricity.

Related Reading | Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware 

Bitcoin ransom cases have spiked in recent months, ranging from attacks on government systems such as this instance or the recent situation in Baltimore, Maryland, to kidnappings of wealthy individuals.

Bitcoin and other cryptocurrencies are like catnip for criminals, according to a Google security expert, who says that they are drawn to the added anonymity they offer criminals. The illicit use of crypto assets has become a topic of interest for United States government regulators, stemming from the announcement of Facebook’s Libra cryptocurrency.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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