Hackers take control of Instagram accounts in Malta and demand to be paid in bitcoin to restore access.
Instagram accounts of Maltese residents were attacked recently by hackers. The online intruders specifically insisted on a Bitcoin ransom from the users in order to restore their access.
Hackers Insist on Bitcoin
Bitcoin and most of the cryptocurrencies keep their rally as their prices escalated in the past few months. Many companies and influential individuals either invested in them or recognized their potential. However, the skyrocketing value of bitcoin and altcoins also attracted the attention of online hackers who are always on the lookout for victims.
Lovein Malta reported such a scam in the Mediterranean island. According to the information, foreign attackers hacked the Instagram accounts of many small business owners and everyday users of the social platform.
To regain their access back, the hackers demanded to be paid in the primary cryptocurrency.
According to the local authorities, the attackers are based in Turkey and have been on the hunt for Maltese victims over the past few months. Police, on the other hand, have been on the tail of the fraud but so far have not been able to confirm the whereabouts of the criminal operation.
The situation with the current scheme in Malta remains uncertain and highly risky as even Instagram itself has not yet cooperated with the officials of the island nation.Instagram And Its History with BitcoinThis is not the first time when the social platform and the primary cryptocurrency have been linked together. As CryptoPotato reported, in March 2021, an Instagram influencer by the name of Jay Mazini got involved in a $2.5 million Bitcoin scam.According to the information, Jegara Igbara or better known as ”Jay Mazini” used his popularity on Instagram to ”buy” BTC from his followers. The deal was simple and very tempting as he promised to buy the digital asset from the users at premiums of 5% over the market value. However, the money never arrived, and the documents were forged.In total, Jay, Mazini raked in at least $2.5 million with this scam from Instagram users who literally gave away their bitcoins. Despite the fact that the influencer was famous for giving lots of money to random strangers, he now faces up to 20 years in prison for his criminal act.