BTCC hit with cyberattacks after refusal to pay blackmail

The China-based exchange instead responded to the campaign by improving its DDoS defences, causing the attackers to cease attempts to disrupt BTCC services.

The first attack affected BTCCs access to its API (application program interface) and other services. Following the DDoS attacks, the anonymous perpetrators sent a ransom email to BTCC asking for 1 Bitcoin to be paid to avoid future attacks.

BTCC upgraded its servers and improved its DDoS protection service, leading to subsequent attacks having little impact on BTCCs networks.

The blackmail campaign against BTCC is the latest in a string of attempts made by criminals demanding sums of Bitcoin in order to prevent DDoS attacks. Several Bitcoin exchanges and mining services have been targeted, including Bitstamp, BTC-e and the now defunct MtGox.

The semi-anonymous nature of the digital currency Bitcoin makes it an attractive method of extorting funds from companies and individuals. According to researchers at Recorded Future, Bitcoin extortion increased in 2015.