ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

‘Pay $4.5 Million and Withdraw New Pricing Policy’: Hackers Threaten To Leak Stolen Reddit Data

In February, hackers claimed to have acquired 80 gigabytes of sensitive data during a breach.
PUBLISHED JUN 22, 2023
Cover Image Source: Facebook/Reddit | Pexels/Tima Miroshnichenko
Cover Image Source: Facebook/Reddit | Pexels/Tima Miroshnichenko

Reddit, which is already facing protests by various communities on the popular online platform, is now being targeted by hackers. The BlackCat ransomware gang, also known as ALPHV, is once again demanding a $4.5 million payout for the "deletion of the stolen data and its silence".

In February, hackers had claimed to have acquired 80 gigabytes of sensitive data during a breach. According to CNN Business, in a post on the dark web, reviewed by CNN and an independent cybersecurity expert, the group threatened to leak the data if Reddit failed to comply with their demands.

$4.5 Million Payout and Their Silence

This demand was made back in April, but Reddit didn't respond. The lack of acknowledgment likely spurred the hackers to escalate their actions and put more pressure on the company.

Image Source: Pexels/Brett Jordan
Image Source: Pexels/Brett Jordan

To increase the pressure on Reddit, the hackers issued a second demand. They asked Reddit to retract its controversial new pricing policy that has generated significant backlash from influential users of the platform. The policy involves charging substantial fees for certain third-party apps seeking access to Reddit. By aligning their demands with the protestors' cause, the hackers aim to maximize the harm caused to Reddit's reputation and increase the likelihood of payment.

The February Breach: What Happened?

Reddit CTO Chris Slowe had disclosed details of a security incident in early February. The breach was a result of a sophisticated phishing attack that allowed hackers access to internal documents, code, and some internal business systems. The company had clarified that no user data was compromised during the breach, limiting the potential harm caused.

Image Source: Pexels/Sora Shimazaki
Image Source: Pexels/Sora Shimazaki

In response to the hackers' recent threats, a Reddit spokesperson confirmed that the post made by the BlackCat ransomware gang relates to the February breach. The spokesperson reiterated that no user data was compromised. However, the spokesperson refrained from providing further comment on the matter, leaving many questions unanswered.

The Reddit Protests: A Coincidence or Connected?

Reddit is facing massive protests from thousands of its forums. Over 6,000 forums went dark in a two-day protest against the platform's plan to charge exorbitant fees for certain third-party apps' access. A week later, over 3,500 forums remained offline. While the hackers' ransom note seemingly aligns with the protestors' cause, some experts express skepticism about the hackers' motives, suspecting their primary goal is financial gain rather than supporting the protestors' stance.

Image Source: Pexels/Andri
Image Source: Pexels/Andri

According to Brett Callow, a cybersecurity threat analyst at Emsisoft, it is possible that the hackers do not have a genuine concern for Reddit's pricing policy. Instead, their objective might be to demonstrate the potential harm they can inflict on future victims, thereby increasing the likelihood of payment. Callow's analysis sheds light on the possible ulterior motives behind the hackers' demands and highlights the importance of remaining cautious and skeptical in such situations.

The consequences of leaking the stolen data could be severe. The leaked information could harm Reddit's reputation, erode user trust, and potentially lead to legal consequences. The company will undoubtedly be evaluating its options and considering the potential impact on its user base, advertisers, and overall standing in the digital landscape.

MORE ON MARKET REALIST
The man from New Jersey who was looking to save a few bucks, didn't know what luck had in store for him.
1 hour ago
In 2004, Ashley Revell from London won $270,000 in one of the most stunning events in gambling history.
6 hours ago
One of the rarest Rolex watches in the world was kept in a safety deposit for decades, unworn.
9 hours ago
The "Rolling Stones" singer said leaving a part of the inheritance might "do some good in the world."
10 hours ago
Inititally, reports claimed that it sold for $1.8 million which changed as the the dust cleared up.
13 hours ago
The number was so large that it didn't even fit on a single line on the document.
14 hours ago
Her new properties were estimated to be worth around $50 million.
1 day ago
He sued the lottery company for breach of contract, gross negligence and the infliction of emotional distress among other claims.
1 day ago
As of 2024, the iconic West Coast rapper is worth well over $160 million.
1 day ago
Taylor never knew he had won because the slot machine had malfunctioned.
1 day ago
"People were super welcoming and everyone wanted to have a coffee with me," she talked about the residents.
2 days ago
“It’s challenging, being an inventor,” Catherine Hettinger said.
2 days ago
The Facebook listing from is a contender for the weirdest rent agreement in history.
2 days ago
The "Bullet Train" actor made an unusual arrangement with the old widower.
2 days ago
He found the gold coin from the "world's most valuable shipwreck."
3 days ago
The man even promised that he would make them $96 billion in profits.
3 days ago
She has starred in classic films such as "Sixteen Candles", "The Lost Boys", and "Twister".
3 days ago
There are ways to claim dependents for certain people in your life, including your boyfriend. The IRS has four factor that must be met. We have all the details.
4 days ago
Following the incident, Brad Pitt's representative has issued a warning to all fans.
4 days ago
While five transactions were worth about $80 million, one payment order worth $20 million didn't clear.
4 days ago