Cencora Faces Backlash Over $75M Bitcoin Cyber Ransom Payment, Here’s Why

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As a seasoned analyst with over two decades of experience in the financial industry, I find myself increasingly alarmed by the lack of transparency and accountability displayed by companies like Cencora in the face of cybercrime. Having witnessed numerous instances where such non-disclosure has led to further exploitation and loss of assets, it’s disheartening to see this pattern repeated yet again.

Amidst criticism from the cryptocurrency world, healthcare firm Cencora has found itself under fire after making a $75 million ransom payment in Bitcoin, reportedly made in three separate transactions in March. The crypto community is urging increased transparency and tracking of hackers, calling for more information to be disclosed following this incident.

Crypto Users Criticize Cencora Over Non-Disclosure 

After a Bloomberg report claimed hackers behind the Cencora cyber-attacks pocketed approximately $75 million in Bitcoin, some crypto users have expressed concerns regarding aspects of this event. As per the report, Cencora, a drug distributor, revealed that their systems were breached and sensitive data was stolen.

Later on, people knowledgeable about the situation stated that a ransom of $75 million in Bitcoin was paid to the hackers. This amount, which was less than the original demand of $150 million, was paid in three installments in March, with those affected being informed in May. On-chain investigator ZackXBT provided more insight into the Cencora incident on platform X (previously Twitter) following the initial report.

It seems unprofessional when a big publicly-traded company such as Cencora fails to disclose Bitcoin transactions related to their $75M payment to Dark Angels ransomware group, so I will bring attention to this matter instead.
296.5 BTC – Mar 7, 2024 at 10:04 pm UTC…
— ZachXBT (@zachxbt) September 18, 2024

In my investigation, I uncovered that the company had failed to disclose the specific Bitcoin transaction linked to the Dark Angel ransomware group. Upon examination of the trail, it appeared that the funds in question were traced back to a common source and were deposited into accounts with significant involvement in illicit activities.

296.5 Bitcoins was transferred on March 7, 2024 at 10:04 pm UTC. The transaction ID is e3e203db2752edeb5bb716a77ed30f977bee70b06cefecd69d1c38921ad5d1b2.

408 Bitcoins, to be received on March 8, 2024, at 7:45 pm UTC (Transaction ID: db4a0742aa2fe67c20f02642bb776fb4140cf32beca43b7552435f5eddb58d92)

387 Bitcoin was recorded on March 8, 2024, at 9:39 pm UTC. The transaction ID is bf408baa4d6598a42a6852012fe412514ff7bb70ca8a94deb9865c9b46f19ddf.

Wider Community Suggests More Investigation 

Following the disclosure of the transactions, crypto users proposed tracking the digital wallets to identify the culprits and recoup the funds. This is because blockchain is transparent by nature, but ransomware operators utilize complex money laundering techniques. Some argued that the Cencora could have spent $75 million on enhanced security measures to prevent such an occurrence.

As a crypto investor, I’ve been closely following the recent developments regarding the use of cryptocurrencies in facilitating fraudulent transactions. Although the Cencora incident wasn’t necessarily a scam within a crypto platform, it serves as a reminder that global authorities such as the Commodity Futures Trading Commission (CFTC) are increasingly vigilant about crypto-related scams and suspicious activities. In response to these concerns, the CFTC has recently formed partnerships aimed at addressing this issue and ensuring the safety of our investments in the crypto space.

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2024-09-18 19:54