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Home BREAKING NEWS

Monero Hacker Demands Bitcoin Ransom From Finnish Psychotherapy Service

Matoy by Matoy
January 28, 2024
in BREAKING NEWS, CRYPTO, FINANCE
Reading Time: 2 mins read
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  • Finnish authorities allegedly traced Monero transactions from the Vastaamo hacker who demanded Bitcoin ransom from a psychotherapy provider and then targeted patients.
  • The hacker purportedly received Bitcoin ransom, swapped it for Monero, and sent it to Binance to exchange back to Bitcoin in an attempt to conceal the trail.
  • Authorities claim they tracked the hacker’s use of privacy coin Monero, highlighting concerns about the untraceability of anonymous cryptocurrencies like Monero used in criminal activity.

In October 2022, a hacker demanded Bitcoin ransom from a Finnish psychotherapy service provider. When it wasn’t paid, he allegedly targeted individual patients for payments. The hacker tried to cover his tracks using privacy coin Monero, but authorities claim they tracked the transactions.

The Ransom Demand

A hacker allegedly gained access to a database of over 33,000 patient records from Finnish psychotherapy service Vastaamo. In October 2022, he demanded 40 Bitcoin (around 450,000 euros at the time) not to publish the data. When Vastaamo didn’t pay, the hacker reportedly proceeded to contact patients individually and demand smaller ransoms.

The Crypto Trail

According to prosecutors, the hacker received ransom payments in Bitcoin. He then sent the Bitcoin through a non-KYC exchange, swapped it for Monero, and transferred it to a Monero wallet. Monero is known for strong privacy features like stealth addresses and ring signatures that conceal transaction sources and sender identities.

Authorities claim the hacker later sent the Monero to Binance, exchanged it back to Bitcoin, and moved it to different wallets. They say they have traced this crypto trail to identify the perpetrator, but have not disclosed details. The accused is Julius Aleksanteri Kivimäki, who is currently facing trial.

Privacy Coins Under Scrutiny

Monero claims transactions on its blockchain are “untraceable.” However, authorities and researchers have warned that privacy coins can anonymize criminal activity. France has proposed banning anonymous cryptos like Monero. The IRS once offered bounties for anyone who could break Monero’s privacy. While difficult, blockchain analysis can supposedly trace some historic Monero transactions. This Finnish case suggests privacy coins are not always as untraceable as claimed.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoinvestigationMonero
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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