Cryptocurrency exchanges on the WEX/ BTC are linked to ransomware and hackers according to the latest report.
Four of the big groups that make up Pricewaterhouse Coopers has release information that Iranian nationalism is behind the SamSam ransomware attack that has affected the cryptocurrency exchange.
According to the report the creators of SamSam, Faramarz Shahi Savandi, and Mohammad Mehdi Shah Mansouri used their WEX platform and used this money to launder around $6 million during their 34-month extortion fee.
The executives at PwC found out about this laundering operation and found that they were responsible for the threat. According to the US Justice Department, there were more than $30 million in damages due to this laundering in the United States and Canada. There were more than 200 victims of this scam including public facilities, hospitals, and even townships.
What was the SamSam Scam?
The town men created this program in Iran and used it to encrypt data on the computers of the people that they targeted. They would extort the victims by demanding Bitcoin ransom to unlock the data on their computer and allow a person to have access to it again. The Bitcoin would be sent to their address in Iran.
What is the WEX?
This is an online area where currency can be exchanged and was opened after the BTC was closed due to the founder being arrested. Around 95 percent of the random payments went through this unit.
Information about the extortion was found in this exchange platform. The report lists the hackers and the services that have been affected. One of the swaps in cryptocurrency was sent to the United States. Funds were transferred among the WEX users. Those that are being affected have been notified.
This should be a lesson to those that are working with lesser-known currencies as well. The cryptocurrency may not be examined more closely. The exchange programs that are more popular and well established will have compliance programs and codes that the smaller ones may not have. These programs may be able to find illegal activities happening.
There have been criminal groups that have tried to use Bitcoins for illegal activities in several countries. If there are no rules, a company is 36 times more likely to be victim to scams. The report recommends that a person should not make payments to those holding their computer ransom if there have been no threats made to their life. Paying the ransom will encourage this activity to continue. There