• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

WannCry Money Withdrawal Fail? Looks Like The Hackers Couldn’t Get Their Money Out Afterall

Uloma Mary Omolaiye by Uloma Mary Omolaiye
August 5, 2017
in Cryptocurrency
Share on FacebookShare on Twitter

WannaCry ransom withdrawal failed?

With the unending buzz about bitcoin and other cryptocurrencies, they are yet to gain public acceptance by the US and UK governments. A lot of people consider bitcoin and other cryptocurrencies to be the future of currency but it has a great flaw which the government cannot come to terms with. The user confidentiality is a great headache for the government because in some cases, the currencies are been used for drug dealing, money laundering or tax evasion.

The BBC has reported a failed money laundering attempt by the hackers behind the Wannacry ransomware. The hackers reportedly tried to conceal their identity by using a virtual currency more anonymous than bitcoin.

WannaCry

Wannacry caught over 200,000 computers in over 150 countries, after which victims paid over $140,000 in bitcoin to three different wallets in all to recover files scuffled by the attack.

In sequence to this, there was so much attention focused on whoever was behind the deadly attack. So, security experts were convinced that the money paid into the wallets would remain intact.

However, earlier this week, the gang behind the attack started the moving the bitcoin out of the wallets they were paid into.

Obviously, moving the bitcoins puts them at risk of tracked down, through their key details. This is exactly what happened as the accounts they used in swapping the bitcoin have been frozen.

The gang had planned to use an exchange network called shapeshift.io, in order to convert them to another currency called Monero. With shapeshift.io, you don’t need an account to run a transaction.

This explains why the gang had opted for this means to maintain their anonymousity.  With the Monero digital currency likewise, accounts and transactions are kept private and a transaction cannot be linked to a particular user.

Nevertheless, after the operators of shapeshift.io were informed, the attempt to launder the cash via their platform was thwarted just in time. A spokesman told American business magazine Forbes:

“As of today, we have taken measures to blacklist all addresses associated with the WannaCry attackers that are known to the Shapeshift team. Additionally, we are engaging directly with law enforcement involved with the Wannacry case and will assist them with any needs they may request to apprehend the perpetrators “

It’s quite a relief that the Shapeshift team is not resisting the authority in a desperate time as this. Shapeshift said it would block any further attempts to change the Wannacry bitcoins into Monero or any other crypto currency.

The only consolation with this crypto saga is in the overwhelming cooperation with the government despite the privacy measures. Tech giants should take a cue from this. Security should always maintain a level above privacy in my opinion.

Related Posts:

  • deepmind-illustration
    Five Reasons The Central African Republic Shouldn't…
  • Are Central Bank Digital Currencies A Threat To Cryptocurrencies?
    Are Central Bank Digital Currencies A Threat To…
  • router-595x335_0
    US And UK Warn Of Custom Malware Vulnerability On…
  • Morocco Wants To Regulate Cryptocurrencies,…
  • uber lawsuit
    Uber In Settlement With US Prosecutors Admits…
  • facebook-workplace
    Taiwan's Central Bank Is Working On A Government-run…
  • 22aee16e43e33d890ee49cfcebbe3d94
    Binance Will Exit Nigeria With The End Of Its NGN Services
  • Changpeng Zhao
    Binance Founder CZ Has A New Title; Richest US Inmate

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: bitcoincryptocurrencycyber fraudcybersecurityhackersmalwareransomwarewannacry
Uloma Mary Omolaiye

Uloma Mary Omolaiye

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Penfold, a Digital Pension Fintech Company Raises £3.9m May 22, 2025
    • Lagos Introduces Drone Monitoring To Increase Security May 22, 2025
    • Samsung Wallet Adds Tap-to-Transfer for P2P Payments May 22, 2025
    • MTN Launches MoMo Pay for Informal Payments Market May 22, 2025
    • 9mobile and MTN Lead Network Outages in May May 22, 2025
    • Spotify Sees Subscriber Growth from iOS Payment Changes May 22, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Penfold, a Digital Pension Fintech Company Raises £3.9m

    Penfold, a Digital Pension Fintech Company Raises £3.9m

    May 22, 2025
    Lagos Introduces Drone Monitoring To Increase Security

    Lagos Introduces Drone Monitoring To Increase Security

    May 22, 2025
    Google Adds Anti-Theft Protection to Android Phones

    Samsung Wallet Adds Tap-to-Transfer for P2P Payments

    May 22, 2025
    MTN Launches MoMo Pay for Informal Payments Market

    MTN Launches MoMo Pay for Informal Payments Market

    May 22, 2025
    9mobile and MTN Lead Network Outages in May

    9mobile and MTN Lead Network Outages in May

    May 22, 2025
    Spotify Sees Subscriber Growth from iOS Payment Changes

    Spotify Sees Subscriber Growth from iOS Payment Changes

    May 22, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok