Hackers are threatening that they will release the confidential data that they stole from Reddit unless the company is willing to pay them a ransom demand and reverse its disputed API price hikes.
Reddit, the most popular social website where people discover, share, and discuss a variety of topics and social news is now facing a hacking threat from hackers. They are demanding ransom and also claim that they have also stolen confidential data during a cyberattack back in February 2023.
The ransomware gang, BlackCat also known as ALPHV, has threatened to expose 80 gigabytes of confidential data of Reddit unless Reddit is willing to pay $4.5 million and reverse its latest rise in API prices.
Moreover, hackers claimed that they have stolen the confidential data when a highly targeted phishing attack occurred on Reddit’s system back in February, which was later verified by the Chief technical officer of Reddit, Christopher Slowe.
Although BlackCat has not shared any evidence of hacking confidential data, it is not clear at the moment what kind of data was hacked.
The Reddit spokesperson, Gina Antonini remains quiet about the ransom. BlackCat claims that they are related to a cyberattack in February that caused a disturbance in the Reddit community.
Moreover, this incident indicates the booming threat of cybersecurity attacks and ransomware and the requirement for strong cybersecurity measures.
Back in February, Reddit confirmed that they faced a phishing attack, and hackers got access to employee information and confidential documents. According to the Reddit Chief Technical Officer (CTO), the attack was highly targeted, and they found no evidence that any data had been stolen.
Now on 19 June 2023, hackers are claiming that Reddi is reversing their API prices which is causing the dispute among third-party app developers and subreddit moderators.
API (Application Programming Interface), is a tool that allows different programming software to work together and exchange information with each other. API works like an interpreter between Reddit and developers who want to design software that interacts with the content on Reddit.
Back in March, BlackCat also attacked Western Digital and stole 10 terabytes of data from the Western Digital Company. Similarly, in the same month, they also threatened to leak data from Amazon’s owned company Ring.
The new API pricing plan of Reddit causes so much dispute that it has become a hot topic in recent weeks. Thousands of the subreddits are protesting, and Apollo, a well-known Reddit app also announced its shutdown all because of the new API policy.
In the era of cybersecurity threats, the ransom attack from the BlackCat is just the beginning. Ransomware is the type of malware that does not permit the user and organization to access the data on their computer unless they complete their demand.
Cybercriminals are targeting organizations, governments, and even the average person who is not safe from cyberattacks.
The recent hikes in API prices have also made a lot of people upset because they started to believe that Reddit was not being fair and transparent. They thought that they should collaborate with developers and find a solution that creates a win-win situation.
The ransom demand from the Black Cat predicted how important it is for businesses and organizations to take powerful cybersecurity measures and make themselves immune from these cyber criminals.
In short, organizations should take preventive measures and invest in their cybersecurity procedures to prevent themselves from these threats of hacking in the future.