March 28, 2024

Police return 40,000 euros worth of bitcoins paid to hackers to university

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Police return 40,000 euros worth of bitcoins paid to hackers to university

Maastricht University returned bitcoins given to unknown attackers in 2019 for unlocking data.

Hackers used ransomwareto block teachers and 25,000 students from accessing personal data, academic works and the library. This prevented students from taking tests and completing assignments. To restore access to the data, the cybercriminals demanded a ransom in bitcoins in the amount of 200,000 euros (about $208,000). The university was only able to pay 40,000 euros.

During the investigation, the Dutch policewas able to detect the attacker’s account in Ukraine to which the money was transferred. Since then, the value of the bitcoins stored in the account has increased from 40,000 to 500,000 euros, which is 12.5 times the ransom amount. If the school had paid the ransom in full, the Bitcoin would now be worth around 2.5 million euros.

The attacker's account was confiscatedlaw enforcement agencies, who returned the funds paid to the extortionist to the educational institution. Police are continuing their investigation to find other people involved in the crime. Maastricht University's director of information and communications technology, Michiel Borgers, said the €300,000 would go towards the university's fund, set up for students having difficulty meeting financial obligations.

ByAccording to approximate data from Chainalysis, scammers managed to earn about $602 million using ransomware in 2021. Last year, a bill was introduced in the US Congress that would oblige companies to report payments to hackers who use ransomware viruses.