Recently, the Instagram accounts of some Maltese residents were attacked by hackers. The intruders insisted specifically that it will take a Bitcoin ransom for every user whose account was seized to retrieve their account and regain access.
Hacker Insistently Wants Bitcoin
Bitcoin and several other cryptocurrencies are currently on a rally as the prices rose so high in the past few months. Many firms and renowned individuals with influence either invested in them or spoke in recognition of their potentials. In the same way, the rise in the prices of assets in the crypto markets also attracts online hackers looking out for victims.
Lovein Malta reported the scam on the Mediterranean island. Based on the information received, the foreign intruders hacked the Instagram accounts of several small-scale business owners and regular users of the social media platform.
To get access back to their account, the hackers are requesting a ransom in the primary crypto.
Information from the local authorities revealed that the hackers are based in Turkey and have been on the hunting engagement of the Maltese victims over the previous couple of months. Conversely, the police have been trailing the fraud but have not been able to confirm the exact location and whereabouts of the illicit operations.
There is huge uncertainty surrounding the situation of the current scheme in Malta, and it is quite risky as the Instagram corporation has not cooperated with the national officers of the Island.
The History of Bitcoin with Instagram
This will not be the first time that the primary crypto will be linked to a scandal on the social media platform. As reported in March 2021, an influencer on Instagram named Jay Mazzini was involved in a BTC scam on the platform worth $2.5 million.
Based on collated information, Jegara Igbara alias Jay Mazzini leveraged his popularity on Instagram to acquire Bitcoin from his followers. The proceedings of the deal are very simple and quite tempting as he proposed to buy BTC from his followers at a premium price 5% higher than the normal market value. But the documents were forged, and the money never arrived.
Altogether, the influencer gathered nothing less than $2.5 million scamming his Instagram followers who gave their bitcoins away. Though the influencer was known for generous ‘giveaways’ to random strangers, he bagged about 20 years in prison for the illicit act.