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Instagram Accounts Takeover Now New Trend For Crypto Ransom

Ransomware attack on Instagram accounts has also become trendy of recent. Hacking of accounts is not a new thing, as it serves the purpose of blackmailing and the malicious intention of an attacker. Its massive relation to organizations and government systems recently has been on the increase, especially in a request for cryptocurrency ransom. Also, hacking Instagram accounts of celebrity and organizations is becoming a trend, with demand for cryptocurrency ransom.

Cryptocurrency and its Privacy Feature

Cryptocurrency, also known as digital currency since a decade of its emergence has become a part of the human society. Though the industry is still nascent, it has seen considerable growth and positive speculations in succeeding the current financial system in the coming years.
However, the budding stage of cryptocurrency is still facing many challenges that are still hindering its full acceptance and usage.
Digital currencies have a lot of advantages and use despite still emerging. Notably, the privacy it gives and freedom of transaction without external disruption are parts of the main attractive factors to its users.
The privacy it offers has equally made it a tool in the hand of malicious users to perpetrate evil intentions. One of such is Ransomware. This involves attacking systems of unsuspecting individuals and organizations, denying the owner access to it, until a particular demand in cryptocurrency payment is met.
Since cryptocurrency wallet, unlike traditional banking system account, has no name tag to it, this aid in keeping the malicious act secretive and successful to an extent.

Instagram Ransomware Attack

Instagram, a giant social media outlet, owned by Mark Zuckerberg has become a recent target of hackers for cryptocurrency ransom.
Instagram is more famous for branding and business ads amid other social media platforms. A large number of followers on the platform is lucrative for brands and individuals. Also, hacking an account with large numbers of followers could make the owner pay any amount to have access back to it because it is a source of livelihood for many.
Notably, politicians and celebrities with high numbers of followers have turned to be the target of hackers.
A Lebanese politician, Samir Geagea’s Instagram account was hacked recently, while demand was made to be paid in cryptocurrency. Also, the account of a Los Angeles model, Kevin Kreider was hacked recently with cryptocurrency requested as well.
While most platforms are vulnerable to hack, there is the need for considerable effort in maintaining security on social media platforms.
As BTCNN earlier reported, the most recent ransomware attack was on the Port of San Diego’s systems. Though the attack was on a section of the port, the report notes it didn’t stop operations on the port.

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