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Cyber attacks lead to return of ‘Bitcoin’

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KUWAIT CITY, July 3: Recent spread of cyber attacks has led to the return of the use of “Bitcoin” as means of transactions. Hackers are trying to use bitcoin for receiving ransom from the local and international companies they hack, reports Al-Rai daily quoting informed sources.

They explained that some local companies are forced to accept the conditions set by hackers for paying ransom in form of bitcoin to retrieve stolen data.

The unit price of that currency has increased within a year, reaching around KD 760, equivalent to $2550, from $640 last year.

The Union of Banks recently urged local banks to warn their customers against the use of that currency. This is happening amidst affirmation from the sources that Kuwaiti market is now active in transaction with the cryptocurrency due to wide acceptance by the youths who hope to get rich quickly. The current transactions using bitcoin are not limited to movement of suspicious money or money laundering, but also include clean money.

The cyber attacks on companies and banks have affected local, Gulf and Arab banks. Another reason cited for widespread use of bitcoin is the aggravation of crises in some regions, such that many rich people are adopting the use of different means to move money without being monitored.

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