Hackers threaten Greek banks with DDoS

Cyber criminals attempt to blackmail banks into handing over Bitcoins

Bitcoin sitting on edge on a table with several other coins in the background

Three Greek banks are being subject to extortion by cyber criminals who are threatening to disrupt online trading if a bitcoin ransom isn't paid today.

According to Greek news site Ekathimerini, the three unnamed banks were first contacted by the extortionists, calling themselves Armada Collective, on Thursday of last week. They demanded a ransom in Bitcoins from each of the banks, stating that if they were not paid by Monday 30 November a serious DDoS attack would begin.

The group or individual apparently proved they were capable and serious in their threat by briefly taking all three banks online services offline at the same time as issuing the threat.

Ekathimerini also reported (in Greek) that, while online banking may be disrupted, the banks' financial transaction systems are unaffected by the threat.

The publication added that a number of service providers are also increasing capacity for the banks to handle traffic in an attempt to thwart the attackers and a special taskforce made up of the Greek National Intelligence Service, Financial Crimes Squad and Bank of Greece has been put together to deal with the crisis. Financial journalist Yannis Koutsomitis has also claimed the FBI is involved, citing an anonymous source.

It has also been suggested Armada Collective tried to extort money from banks in Switzerland and Thailand over the past few weeks. However, neither these banks nor those in Greece have been named, allegedly to avoid panic.

This is a developing story and will be updated as more information comes in.

Featured Resources

Defeating ransomware with unified security from WatchGuard

How SMBs can defend against the onslaught of ransomware attacks

Free download

The IT expert’s guide to AI and content management

How artificial intelligence and machine learning could be critical to your business

Free download

The path to CX excellence

Four stages to thrive in the experience economy

Free download

Becoming an experience-based business

Your blueprint for a strong digital foundation

Free download

Recommended

Nigerian cyber criminals target Texas unemployment system
cyber security

Nigerian cyber criminals target Texas unemployment system

27 May 2021
Hackers use open source Microsoft dev platform to deliver trojans
Security

Hackers use open source Microsoft dev platform to deliver trojans

14 May 2021

Most Popular

What are the pros and cons of AI?
machine learning

What are the pros and cons of AI?

8 Sep 2021
Citrix mulling potential sale after tumultuous 2021
mergers and acquisitions

Citrix mulling potential sale after tumultuous 2021

15 Sep 2021
Hackers develop Linux port of Cobalt Strike for new attacks
Security

Hackers develop Linux port of Cobalt Strike for new attacks

14 Sep 2021