It doesn't make sense to DDOS a Bitcoin service and demand ransom in bitcoins

[Serith]

TL;DR: An attacker should pick a service that doesn't accept BTC, because that will increase the value of ransom later on.

As you all know WalletBit currently is under DDOS and the attacker asking for 1000 BTC ransom.

Attacking Bitcoin service and asking ransom in BTC doesn't make sense to me because the attack itself hurting Bitcoin and it is reducing the value of the ransom, we will definitely see exchange value drop if such thing would become common.

It would be more profitable for an attacker to pick a service that doesn't accept BTC, because as a side effect from the attack it will increase BTC exchange value later on and the value of ransom.

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[Bitcoin Oz]

That makes sense.

[Herodes]

We don't know of WalletBit is under attack or if it's a publicity stunt.

Also, don't negotiate with such criminals. Personally I would not even respond to them, but file a police report ( I know it probably would not help much, but anyway.. )

Never pay them, what stops them from doing it again and demanding more payments ?

Perhaps it would be possible to get DDOS protection ? Too costly ?

Then maybe just wait it out ?

If it's legit, I can feel your pain. But don't pay the attackers a single dime.

[Ichthyo]

Attacking Bitcoin service and asking ransom in BTC doesn't make sense to me because the attack itself hurting Bitcoin and it is reducing the value of the ransom, we will definitely see exchange value drop if such thing would become common.

sorry, maybe you're viewing it from the wrong angle.
Just consider how racketeering works in real world.

It is present in all areas where there is a "community" (the mafia) which claims to be in power and demands some control over all proceedings. Any newcomer not actively searching association with that "community" is threatened and hurt and put under attack in various ways. This may go on for quite some while, until the healthiness of the newcomer is gradually drained, up to the point where he's willing to accept "help" by the "community". In a significant fraction of the documented cases, the victim isn't even aware that he's a victim of racketeering.


So, to put that into context, we shouldn't expect the goal of those extortions to be a one-off payment of 1000BTC
It is easy to keep up DDOS for as long as you want, and its hard to impossible to keep up an internet based business against ongoing DDOS

[MysteryMiner]

OP got it wrong!

No matter what are the consequences of a little hack or flood the attacker might get richer by 1000 or any other number of coins. One exchange going down might cause bitcoin value spike in another exchange. It is all about supply and demand.