Cybercriminal Group Demand Bitcoin Ransom from Thai Banks

October 28, 2015 16:09 UTC

A hacker group that refers to itself as the “Armada Collective” has contacted at least four Thai banks with the threat of cyberattacks if ransom demands aren’t paid up in Bitcoin, according to an English news daily in the country.

Although details are currently scarce, The Nation, a prominent English-language broadsheet in Thailand reports that a criminal hacker group called the “Armada Collective” has contacted at least four Thai banks via email with a threat to engage in cyber attacks.

The publication also notes that the Armada Collective previously targeted Switzerland-based hosting providers as recently as September and laid out ransom demands of 20 Bitcoins (approx. $6,000). If the demand went ignored, the hosting providers were warned that their servers would crash with the ransom rate hiked by 20 BTC every day.

The ransom demand along with the threat also contained instructions telling the ransom recipients not to alert the media to the crime or face permanent attacks if word got out.

Thailand was thought to be among a list of countries where Bitcoin is banned. However, the reality is that the Bank of Thailand, the country’s central bank does not have an authority over bitcoin since the cryptocurrency isn’t deemed a foreign currency and services such as Bitcoin.co.th remain active for bitcoin transactions in the country.

Image from Shutterstock.

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Posted in: Bitcoin CrimeNews
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