The Boston Public Defenders system suffered a bitcoin ransomware attack a couple of days ago but they still chose not to send the bitcoins that the attacked demanded. They decided to use the system’s back-ups to restore the services and in today’s cryptocurrency news we find out more about the attack.
According to the Boston Globe, the decision not to pay the ransom means a massive slowdown of the system that will affect everyone within the system. The private attorneys started their work for indigent clients and now receive a small fee from the government. The ransomware attack also managed to interrupt the payments taking place at the moment and also locked up all of the essential digital services of the organization including e-mail usage.
As a security measure, the organization went offline in order to clean the viruses. An official statement reads:
“CPCS’s computer systems have been attacked and are not working properly. We are still representing clients. In addition, there is no evidence that confidential information from clients has been released as a result of these attacks.”
Initially, the attack happened on February 27. The organization believed that paying the ransom means a waste of money so they decided to restore the systems manually. Two weeks after, the entire justice system in Boston can feel the damaging effects. The agency cannot really say how long the delay will last or when they will get back online. In the meantime, people working in the agency cannot use their email or enter the agency’s website.
Ransomware attacks became popular in 2015. The attackers mainly targeted police agencies that end up paying the ransom. The public infrastructure is always a target of ransomware attackers since the offer public services and cannot end up being crippled because the people are the ones who pay the higher price.
The public defenders didn’t say how much money the attackers demanded. However, the cost to unlock a computer could start from $100 up to thousands of dollars. The attackers usually target victims individually but law enforcement agencies or other government agencies are not excluded.
Last year, a couple of Dutch hackers were sentenced to community service after attacking more than 1,000 computer systems and gathering over $11,000.
Thomas Lee: BTC Misery Index Has Never Been Reported During Bear Market
“It means that a bull market is likely starting.”Thomas Lee explained that if an indicator reports such a value as mentioned, ‘’six out of six times, there was a drawdown in the market.’’ He continued to explain that the drawback of 25 percent of the average in similar instances and the short-term, the market could see a headwind. He also pointed out that this could show that investors could decide to move their capital to other altcoins instead. Thomas Lee pointed out that bitcoin reached the 200-day moving average which he thinks that this could bring the recovery of the number one cryptocurrency and is happening faster than expected. This comes as a result with the previously made statements that we covered in our altcoin news when he claimed that ‘’the key number to watch is the 200-day moving average.’’ The breakout could also mean that the recovery won’t be difficult that the one in the past according to Thomas Lee. It can also bring bitcoin to a faster recovery all the way up to new highs. However, when he was asked if the new highs for the number one cryptocurrency achieved this year, he answered that he expects to reach the new levels but doesn’t know when. According to Thomas Lee, there are a lot of reasons why the new trend taking over the crypto market. for Example, he explained that the old bitcoin wallets are now getting new doses of BTC and the transaction activity is also increasing with the crypto exchange volumes. The number of active bitcoin wallets sees an uptick as well.
Top Altcoins Record Losses, Bitcoin Drops Under $5,300 Again
BTC Mining Becomes Profitable Once Again, Are The Bulls Back?
“CoinGeek is negotiating to sell its miners (62k units with 960k TH/s) and other assets (e.g. http://coingeek.com) for $45.5 million. Miners’ avg operational cost is $0.073 /kWh, resulting in $3580 operational breakeven (assuming used to mine BTC not BSV).’’During the second half of 2018 especially in the last few months, the breakeven cost of BTC mining dropped below the price of Bitcoin which meant more net losses for the miners on their operations. The miners continued to operate during the bear market since many of the operations secure long-term energy deals which require expensive ASIC equipment. Andreas Antonopoulos, the popular crypto security expert, explained that bitcoin could seize to exist if it leaves the BTC mining protocol:
“Part of the reason that’s unlikely to happen is that miners have a much more long-term perspective. Meaning that they have existing investments in equipment and they usually purchase electricity on long-term plans, they don’t pay it by the week. And therefore, if they have to wait to become profitable another three months and they have the equipment in place, they’re not turning it off.”However, many of the miners continued to secure the bitcoin blockchain network during the BTC mining process across the prolonged bear market. Now it seems that the entire process is profitable if the price does not drop below the $4,000 price point in the near term.
War-Torn Afghanistan Aims To Improve Its Economy With Bitcoin
“Even a gradual replacement of donor grants with loan financing (a customized illustrative scenario) would quickly lead to an unsustainable debt burden.”Bitcoin could be the solution for the problem in war-torn Afghanistan since it offers a closer path to international markets.
Join us on Facebook
- Thomas Lee: BTC Misery Index Has Never Been Reported During Bear Market
- Top Altcoins Record Losses, Bitcoin Drops Under $5,300 Again
- BTC Mining Becomes Profitable Once Again, Are The Bulls Back?
- War-Torn Afghanistan Aims To Improve Its Economy With Bitcoin
- Serena Williams Gold Medals Winner Invested In Crypto Exchange Coinbase
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Notre Dame Reconstruction Powered By Crypto Fundraising Campaign
Altcoin News4 days ago
LTC Price Can’t Keep The Pace Any Longer: Crypto Analyst
About3 days ago
The Real Satoshi Nakamoto To Be Revealed By John McAfee
Blockchain News4 days ago
Legal Blockchain Experts Are In High Demand: Report
Altcoin News2 days ago
Russia’s Central Bank Looks Into The Pros And Cons Of CBDC
Analysis3 days ago
Bitcoin (BTC) Price Holding Onto Crucial Support Levels: An Increase Is Likely
Altcoin News4 days ago
Tezos Price Rises By 10% Reaching A New Five-Month High
Altcoin News4 days ago
Coinbase Expands Its Crypto Offering To 11 More Countries