Akira Ransomware Targets Singaporean Businesses; Bitcoin ETFs Outstrip Mining; Fees Surge
Summary:
The Akira ransomware is now targeting businesses in Singapore after stealing $42 million globally. Meanwhile, U.S. Bitcoin ETFs purchased eight times more Bitcoin than was mined in the past week. The Bitcoin network experienced a temporary spike in transaction fees to over $50 on June 7, mainly due to a backlog of unconfirmed transactions.
The latest focus of the Akira ransomware attacks is Singapore, with US-based Bitcoin exchange-traded funds (ETFs) having purchased eight times more Bitcoin than was mined in the past week. Additionally, the cost of priority fees for Bitcoin transactions soared above $50 on June 7.
In the large-scale cyberattack by Akira ransomware, over $42 million was plundered from 250 organisations in North America, Europe, and Australia within a span of a year. Lately, this malicious software started targeting firms in Singapore.
Local businesses in the country were cautioned by Singaporean authorities through a united advisory about the rising menace of an Akira ransomware variant. This warning was issued after numerous complaints were received by the Cyber Security Agency of Singapore, the Singapore Police Force, and the Personal Data Protection Commission from those affected by the ransomware.
Akira ransomware's focus on businesses and critical infrastructure entities were discovered by previous investigations carried out by the United States Federal Bureau of Investigation.
US Bitcoin ETFs secured approximately 25,729 BTC in a week, around eight times more than the amount of Bitcoins mined during the same period, according to HODL15Capital. The largest week of Bitcoin purchases since mid-March occurred last week, which is when Bitcoin reached its record high of $73,679.
Net inflows for the ETFs came around $1.83 billion the last week, leading to total net inflows of $15.69 billion, even after considering $17.93 billion in net outflows from Grayscale’s fund, as per Farside Investors. However, overcoming its existing high has been a struggle for the cryptocurrency since its price is more influenced by macroeconomic elements and global events, as explained by "Radar Bear," the co-founder of a crypto exchange.
On June 7, there was a significant increase in transaction fees on the Bitcoin network, mostly due to about 332,000 unconfirmed transactions. Crypto exchange OKX, which was seemingly gathering and sifting wallets, led to this processing backlog, as per blockchain analyst Colin Wu. At its peak, high-priority transactions came to 514 sats, while low-priority transactions cost 513 sats, translating to $50 to $52 in USD.
With its fourth halving event occurring in April, the Bitcoin network saw a reduction in the block reward from 6.25 BTC to 3.125 BTC. This has apparently affected the miners adversely, with Bitfarms recording a substantial reduction in revenue in May.
-- Reporting by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
6/10/2024 3:53:51 PM
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