Bitcoin Ransomware Attack in Argentina Encrypts a Decade's Worth of Government Files

Francisco Memoria

A bitcoin ransomware attack has recently hit a data center in Argentina that houses local government files, and managed to encrypt a decade’s worth of data that has been started to be decrypted.

According to an interview by the country’s Minister of Science and Technology Alicia Bañuelos with the local news outlet Agencia de Noticias de San Luis, a total of 7,700 GB worth of data were originally encrypted, but so far around 90% of that data has reportedly been recovered.

Bañuelos was quoted as saying:

Bitcoin ransomware attack in Argentina encrypts a decade's worth of government files.

As reported by The Next Web, the attack occurred on November 25 and the exact size of the demanded BTC ransom isn’t known. Reports suggest it was somewhere between 0.5 and 50 BTC, or between $37,000 and $370,000.

Ransomware extortionists appear to be somewhat active over the last few weeks, as they’ve recently managed to hit Spain’s largest radio network Cadena SER, demanding a total of $827,00 worth of bitcoin to decrypt its systems. The attack initially hit a popular IT company called Everis, one of the country’s largest service providers.

Back in July a county in Indiana decided to pay ransomware attackers around $130,000 in BTC to have its systems decrypted, amid a plethora of attackers that forced two cities in Florida – Riviera Beach and Lake City – to pay thousands to the attackers as well.

Featured image via Unsplash.

Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.