E-Financial
Hackers Demand $70m after Kaseya Ransomware Attack
Hackers were on Monday demanding $70 million in bitcoin in exchange for data stolen during a “gargantuan” attack on a US IT company that has shuttered hundreds of Swedish supermarkets.
AFP reported that researchers believe more than 1,000 companies could have been affected by the attack on Miami-based firm Kaseya, which provides IT services to some 40,000 businesses around the world.
The FBI warned Sunday that the scale of the “ransomware” attack — a form of digital hostage-taking where hackers encrypt victims’ data and then demand money for restored access — is so large that it may be “unable to respond to each victim individually”.
“It’s probably the biggest ransomware attack of all time,” said Ciaran Martin, cybersecurity professor at the University of Oxford.
“Because of the nature of the attack there’s still a lot of uncertainty over its impact,” he stressed.
But he added that because this was a “supply chain attack” — targeting a company serving thousands of firms, many of whom in turn provide IT support to smaller businesses such as car dealerships — the total number of victims was potentially huge.
Sweden’s Coop supermarket chain was among the indirect victims, with its cash registers paralysed since Friday when its IT subcontractor Visma Esscom was hit by the attack.
Most of Coop’s 800 stores were still closed Monday, spokesman Kevin Bell told AFP, with the few hundred that have reopened relying on alternative payment solutions such as customers paying using their smartphones.
Cybersecurity firm ESET said it had identified victims of the hack in at least 17 countries, from South Africa to Britain to Mexico. New Zealand’s education ministry said at least two schools there had been affected.
‘REvil hackers suspected’
A banner with the logo of bitcoin is seen during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. Marco BELLO / AFP
Experts believe the attack was probably carried out by REvil, a Russian-speaking hacking group known as a prolific perpetrator of ransomware attacks.
A post on Happy Blog, a site on the dark web previously associated with the group, claimed responsibility for the attack and said it had infected “more than a million systems” — which if true would make this attack “absolutely gargantuan in scale”, according to Martin.
The FBI believes that REvil, which also goes by the name Sodinokibi, was behind a ransomware attack last month on global meat-processing giant JBS. The Brazil-based company ended up paying $11 million in bitcoin to the hackers.
The hackers’ blog post said they would release a decryption tool online “so everyone will be able to recover from attack in less than an hour” — if they were handed $70 million in bitcoin.
The hackers have also been reaching out to individual victims and demanding smaller ransoms, Martin said.
“As far as I understand it, they’ve been issuing demands that are about $50,000 for smaller organisations, rising to $5 million for larger organisations,” he told AFP. “We don’t know who’s paid.”
Kaseya said Sunday it believed the damage had been restricted to a “very small number” of customers using its signature VSA software, which lets companies manage networks of computers and printers from a single point.
But cybersecurity firm Huntress Labs said in a Reddit forum that it was working with partners targeted in the attack, and that the software was manipulated “to encrypt more than 1,000 companies”.
Kaseya said it had “immediately shut down” its servers after detecting the attack on Friday and warned its VSA customers to do the same, “to prevent them from being compromised”.
The company has released a tool allowing its customers to find out whether their own computer systems have been compromised by the attack.
‘State-tolerated’ hacking’
In recent months numerous US companies, including the computer group SolarWinds and the Colonial oil pipeline, have been the victims of high-profile ransomware attacks, which the FBI blames on hackers based in Russia.
While Washington officials do not accuse the Russian government of direct involvement in such attacks, they say the country is harbouring hackers who should be arrested.
US President Joe Biden raised the threat in talks with Russian counterpart Vladimir Putin last month, and on Saturday ordered a full investigation into the Kaseya attack.
“Most experts would take the view that it’s highly unlikely that it’s state-directed,” Martin said of this latest cyber-assault. “It’s state-tolerated.”
A surge in cryptocurrency fraud has prompted the Securities and Exchange Commission (SEC) to strengthen its monitoring measures.
The regulator has partnered with blockchain analytics firm Chainalysis to improve its ability to detect and disrupt illicit activity.
This move follows growing concerns about the security of Nigeria’s expanding digital asset market.
At a joint webinar themed “Combating Scams with Blockchain Intelligence,” Dr. Emomotimi Agama, director-general, SEC, stressed the need for coordinated action.
He said transparency in crypto transactions should be the foundation of enforcement in the sector.
Agama warned that without collaboration, fraudulent activity could grow more dangerous in the future.
The SEC plans to use blockchain’s permanent transaction records to trace and monitor illicit movements of funds. This will include identifying wallet clusters, tracking fund transfers, and analysing transaction histories on networks such as Bitcoin and Ethereum.
Agama said these measures would help the commission detect scams earlier and respond faster.
The Chainalysis 2025 Crypto Crime Report provided data that reinforced the urgency of the SEC’s initiative.
According to the report, illicit crypto addresses received $178 billion worldwide over the last five years.
The highest volume was recorded in 2022, with $54.3 billion, followed by $46.1 billion in 2023 and $40.9 billion in 2024.
Agama said these figures showed the scale of the problem and the need for advanced analytics in enforcement work.
He also noted that Nigeria must improve its technical capacity to match the sophistication of modern financial crimes.
The partnership with Chainalysis is expected to help bridge this capability gap.
The SEC is working under the framework provided by the Investment and Securities Act (ISA) 2025, which took effect in April.
Agama described the law as a key step toward establishing clear rules for the digital asset market.
It also enables cooperation between Nigerian regulators and international partners without discouraging innovation.
He called for active collaboration between regulators, technology providers, and industry players to address fraud before it escalates. “
With all the various tools at our disposal, we must brace up for the challenges ahead,” Agama said.
He added that the collective goal should be to stop criminal activity at its source.
The SEC’s collaboration with Chainalysis is positioned as a strategic move to safeguard investors and improve market integrity.
It reflects an effort to place Nigeria among regional leaders in regulated digital finance.
By integrating blockchain analytics into its operations, the commission aims to create a safer environment for crypto transactions in the country.
World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.
In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.
It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.
It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.
The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.
“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.
“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.
“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.
The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.
United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.
The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.
The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.
Alero Ladipo, group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.
She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.
Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”
Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”
She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.
Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”
Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.
The revamped website is live and accessible at www.ubagroup.com.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
AfDB Adopts AI to Fast-track Africa’s Development Blueprint
SEC Partners Chainalysis to Tackle Rising Crypto Scams
Glo Reduces International Call Rates
Tinubu Strengthens Telecom Governance with NCC, USPF Board Appointments
Anambra ICT Agency Champions Inclusive Tech-Driven Governance
E-Financial2 days agoNBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off
Telecom2 days agoMTN Nigeria Rolls Out Network-as-a-Service and Signs First MVNO to Drive Industry Efficiency
News2 days agoNo More Leaks: FIRS Slaps ₦5m Fine on Info Disclosure
E-Financial2 days agoFIRS Unveils e-Invoicing, Electronic Fiscal System for Large Taxpayers
Telecom2 days agoAirtel Money Africa Partners pawaPay for Seamless International Remittances Across Africa
- Telecom1 day ago
Airtel, Vodacom sign Network Infrastructure Agreement to Drive Digital Inclusion
Telecom2 days agoRubrik Joins Forces with Sophos to Reinvent M365 Recovery
General News2 days agoNIMC Sets 48-hour Deadline for Diaspora Partners to Activate New Licences