Crypto Traders’ Accounts shuttered by Kotak Mahindra Bank

Kotak Mahindra bank has demanded all customers to stop using their accounts for any transactions involving Bitcoin or any other type of cryptocurrencies
09 June 2018   891

In its recent request, the bank issued a list of their immediate transactions to cryptocurrency exchanges. During the past few months Crypto trading in India is passing through a difficult period. This year, in April, the Reserve Bank of India (RBI) had published a circular asking all banks and financial institutions to stop operations with cryptocurrencies. Nevertheless, India`s Supreme Court delayed the decision on the matter until a final hearing in July 2018.

The cryptocurrency community is now concerned on 2 significant dates (July 5 and July 20) when the cryptocurrency future in India will be defined. Despite this fact,  Kotak Mahindra has gone full offensive singling out cryptocurrency traders in their bank. The bank in the circular alerts account keepers using their account for cryptocurrency trading. According to the statement, the bank will not be responsible or liable for a drop of any transactions, inconvenience, and the return of cheques or losses arising caused by the account closure.

In this regard, the bank does not encourage its customers using their accounts maintained with us for carrying out transactions involving any kind of crypto/virtual currencies and hence we request you to immediately stop transactions involving dealings in bitcoin or any kind of crypto/virtual currency from your above-mentioned account. In this case, it is observed that you have undertaken such transaction post receipt of this letter, you may treat this letter as an advance caution letter and bank will be constrained to close your account without giving any further intimation to you.
Kotak Mahindra Bank, India
Official Requirement

While it is probably that all banks may be obliged to shutter crypto accounts after Supreme Court’s verdict, Kotak Mahindra Bank is hurrying up, threatening to terminate bank accounts of crypto traders. Even although the judgment regarding crypto trading is still under consideration in the Supreme Court, the Kotak Mahindra Bank have made its own decision. 

Ryuk Ransomware Team to Get 705 BTC

CrowdStrike and McAfee believes the program was created and supported by Russians
15 January 2019   97

In less than six months, hackers got 705 bitcoins through Ryuk ransomware, reports The Block.

Until recently, the group of hackers GRIM SPIDER behind Ryuk was supposed to be operating from North Korea. However, according to the companies CrowdStrike and McAfee, the program was created and supported by Russian hackers.

Ryuk is distributed via email-phishing, where the TrickBot Trojan is involved. The main objectives of the ransomware program are large companies and government organizations. Ryuk blocks the victims' hard drives until they pay the ransom. The amount of the latter often depends on the size and significance of the organization.

The program is "famous" for the impressive amounts of required buybacks:

To date, the lowest observed ransom was for 1.7 BTC and the highest was for 99 BTC. With 52 known transactions spread across 37 BTC addresses (as of this writing), GRIM SPIDER has made 705.80 BTC, which has a current value of $3.7 million. With the recent decline in BTC to USD value, it is likely GRIM SPIDER has netted more.


705 bitcoins at the current exchange rate is about $ 2.6 million.