The post Crypto Hack Alert: How Cencora Was Forced to Pay $75M to Cybercriminals appeared first on Coinpedia Fintech News
Breaking in a new case, popular crypto sleuth ZachXBT has unveiled the details of a $75 million worth Bitcoin ransom that pharmaceutical giant Cencora Inc. had paid to the infamous Dark Angels cybercriminal collective.
A cyberattack that struck the company Cencora, led to a hefty loss of 1,091. 5 Bitcoin. This episode constitutes the biggest known cyber blackmailing payment to date and it surpasses CNA Financial Corp.’s $40 million ransom in 2021.
The attack: Cencora’s response
The attack was first publicly revealed in early 2024 when Cencora reported a cybersecurity event in filings to regulators. According to the Bloomberg reports, the hackers at the beginning of the attack asked for $150 million from the company. The final payment was also negotiated to be $75 million to be paid in three different bitcoins different the three bitcoins.
The instalments, according to ZachXBT, were 296. 5 BTC on March 7, 2024, 408 BTC on March 8, 2024 and 387 BTC on March 8, 2024.
However, to date, Cencora has kept silent on the issue, stating that they do not engage in rumours and speculations. Due to this, the company has been heavily criticised by the crypto community for its decision to keep some information to itself.
Cybersecurity experts also point to a worrying trend: Cybercriminals would continue to use ransomware attacks as they are expecting bigger returns with the total amount of payouts in 2024 projecting to $1 billion as seen from the Chainalysis data.
If there is anything that the hack on Cencora should remind the public of, it is the fact that the threat that hackers pose is only going to continue to grow and the new wave of ransomware attacks.
Same for Cencora, keeping silence, thus making the public guess the real loss of the breach. Censora insists to the SEC that the attack will not have a material impact on its financial situation but that has raised questions about the company’s future, given the concerns of its investor stakeholders.
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