November is turning out to be a catastrophic month for Japanese gaming giant Capcom, well-known for its popular game series such as Devil May Cry and Resident Evil, as malicious online hackers have declared a $11 million ransom in BTC in exchange for confidential Capcom data. The culprits are threatening to release the data to the public if Capcom does not comply with their demands, according to Coindesk Japan.
Hackers infected Capcom’s internal systems and servers with ransomware on November 2, and Capcom responded by suspending certain processes and functions. User restrictions were also put in place after, but it was too little too late as the damage was already done. The hackers then leveraged on the data they already had in possession to threaten Capcom into lifting these restrictions. The data includes confidential staff and user information.
Cybercriminals are increasingly turning towards payouts in cryptocurrency, especially Bitcoin. Due to ease of transfers and its semi-anonymous nature, these criminals are opting to steal funds via the medium of digital assets.
According to the Society for Worldwide Interbank Financial Telecommunication, however, it is a misconception that Bitcoin is the dominant vehicle for money laundering and other criminal activities, as fiat currency still remains the preferred choice for money launderers. Governments and financial regulators worldwide have in recent years pushed out the narrative of cryptocurrency as a main driver of financial crime globally, much to the criticisms of the crypto community.
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