Garmin Coming Back Online After Hack — Was $10M Crypto Ransom Paid?


Multinational tech company Garmin may have paid some or all of a $10 million crypto ransom to hackers who managed to encrypt the firm’s internal network and take down several of its services on July 23.

According to an August 1 report from Lawrence Abrams at Bleeping Computer, Garmin’s IT department used a decryptor to regain access to workstations affected by the initial WastedLocker ransomware attack. The malware took down the company’s customer support, navigation solutions, and other online services. 

How To Get Free Crypto  

The news outlet reported that the existence of such a protocol means “Garmin must have paid the ransom to the attackers” as the malware used in the hack has “no known weaknesses in their encryption algorithm.” 

“Garmin’s script contains a timestamp of ’07/25/2020′, which indicates that the ransom was paid either on July 24 or July 25,” stated the report.

Evil Corp responsible 

Cointelegraph reported on July 27 that Russian cybergang Evil Corp was responsible for extorting a $10 million crypto ransom from Garmin following the ransomware attack.

Maksim Yakubets, the leader of the cybercriminal group, had previously been indicted by the U.S. Department of Justice in 2019. He was also listed on the FBI’s Most Wanted list with a reward set at $5 million – the highest amount offered by authorities for the arrest of a cybercriminal.

Coinbase Banner  

Garmin ‘returning to operation’

The technology firm’s most recent tweet on July 27 stated that “many of the systems and services affected by the recent outage, including Garmin Connect, are returning to operation.” An update on the company’s website states Garmin was the “victim of a cyber attack,” but makes no references to any ransom. 

Because Evil Corp was officially sanctioned by the U.S. government in 2019, Garmin could face sanctions for admitting it sent any funds to the group. Emisoft threat analyst Brett Callow previously told Cointelegraph that such a payment would “create a legal minefield.” 

“Payment may be the only way for a company to avoid a catastrophic loss of data,” said Callow. “But it may be illegal for the company to make that payment.”

Pay up, or else

Other companies targeted by ransomware groups have ended up paying millions in crypto ransom demands rather than risk losing business while computer access is restored or sensitive information is released. 

FreeBitcoin Banner  

U.S.-based travel firm CWT negotiated with ransomware hackers, haggling on the price of a ransom over a malware attack down from $10 million to $4.5 million in Bitcoin (BTC). The University of California at San Francisco School of Medicine also reportedly paid more than $1 million in crypto as part of a ransom for a June 1 hack.

Cointelegraph reached out to Garmin for comment, but received no reply as of press time.

Go to Source
Author: Turner Wright

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.