Wed, September 18, 2024 at 17:04

• 

  Kang-hoon

  • Hello Annie, today I want to discuss a recent incident involving the healthcare company Cencora.

  • They are facing backlash from the crypto community after paying a $75 million cyber ransom in Bitcoin.

  • 
• Annie

  • Oh wow, that's a huge amount!😮 What exactly happened?

  
• 

  Kang-hoon

  • According to reports, Cencora was hacked, and sensitive information was stolen from their systems.

  • 

  • The hackers initially demanded $150 million, but the company managed to negotiate it down to $75 million, which they paid in Bitcoin.

• Annie

  • I see.

  • When did this happen?

  
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• 

  Kang-hoon

  • The payments were made in three installments back in March.

  • The affected individuals were notified in May.

• Annie

  • Did they disclose the Bitcoin transactions?

  
• 

  Kang-hoon

  • No, they didn't.

  • This lack of transparency has led to criticism from the crypto community.

  • On-chain investigator ZackXBT revealed the transactions on X, formerly known as Twitter.

• Annie

  • So, what did ZackXBT find out?🤔

  
• 

  Kang-hoon

  • He found that the payments were made to the Dark Angel ransomware group.

  • The transactions were as follows: 296.5 BTC on March 7, 408 BTC on March 8, and 387 BTC on the same day.

• Annie

  • That's quite detailed.

  • How did the community react?

  
• 

  Kang-hoon

  • The community suggested tracing the wallets to find the hackers and recover the assets.

  • However, ransomware groups often use sophisticated laundering processes, making it difficult.

• Annie

  • Could Cencora have done something differently?

  
• 

  Kang-hoon

  • Some believe that Cencora should have invested the $75 million in better security measures to prevent such incidents.

  • This would have been a more proactive approach.

• Annie

  • Is this a common issue with crypto payments?

  
• 

  Kang-hoon

  • Yes, unfortunately.

  • While this incident wasn't a crypto platform scam, global authorities have flagged the use of crypto for fraudulent payments.

  • The CFTC recently announced a partnership to tackle such issues.

• Annie

  • So, what does this mean for the market?

  • Is this good or bad news?

  
• 

  Kang-hoon

  • This is definitely bad news.

  • It highlights the vulnerabilities in both corporate cybersecurity and the use of cryptocurrencies for illicit activities.

  • It could lead to increased scrutiny and regulation, which might negatively impact the market in the short term.

• Annie

  • Got it.

  • Thanks for the detailed explanation, Kang-hoon.🙏

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Stay informed and cautious.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.