Digital Mint Helps Companies Recover Quickly from BTC Ransomware

Live Bitcoin News
Live Bitcoin News July 18, 2021
Updated 2021/07/18 at 2:20 PM
4 Min Read

Digital Mint is a company that provides tools and funds to companies that have fallen victim to bitcoin and crypto-based ransomware attacks.

Digital Mint Is There to Help with Crypto

According to security firm Cybersecurity Ventures, a business will fall victim to a ransomware attack every 11 seconds. In recent months, many of these attacks have demanded not cash or standard fiat, but rather bitcoin or other forms of crypto. One of the biggest – and most recent examples – came in the form of the Colonial Pipeline, which was attacked by a hacking group that demanded more than $2 million in BTC.

Some, like this one, wind up recovering quickly. The Colonial Pipeline attack could have been devastating, though the Federal Bureau of Investigation (FBI) ultimately came to the rescue and managed to divert the payment before the hackers could obtain anything significant.

Other situations lead to harsher circumstances, a big one being a hack by the Russian cyber group REvil. This group encrypted that data of more than 1,000 companies in regions like Sweden, the United States, and New Zealand. In return for their data, these companies were being asked for more than $70 million in bitcoin. It is unclear if the situation has been resolved yet.

One of the big problems is that many companies today do not have legitimate plans for fighting against ransomware attacks. In addition, very few of them have ever actually dealt with bitcoin or cryptocurrencies on such a grand scale. Digital Mint is looking to assist these companies by providing them with what they need to stay in operation and get back to business as usual should they ever come under attack.

In an interview, Marc Grens – the co-founder and president of Digital Mint – stated:

We are at the end of the process. We are the hired specialists after the forensic consultants, the company, and stakeholders have all made the determination they have exhausted all their options and that paying the ransom from an economics perspective is the best way to move forward. That is when they come to companies like us to help them acquire crypto at any time of day or night.

Getting Companies the Money They Need

Digital Mint is relatively skilled when it comes to giving companies the resources they require to stay in practice and get rid of BTC ransomware quickly. Typically, it only takes about 30 minutes to an hour for Digital Mint to step in and make the payments necessary to release a company’s data from a hacking group’s possession.

Over the past year and a half, the company has paid out more than $100 million in bitcoin ransomware money, with the average payment equaling about $800,000. While more than 90 percent of these ransoms are paid in BTC, the firm says that Monero – given its quasi-anonymous properties – is also popular amongst cyberthieves.

The post Digital Mint Helps Companies Recover Quickly from BTC Ransomware appeared first on Live Bitcoin News.

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