Hackers became slaves to the king of technology, demanding a ransom of $ 4.5 million to return the data

Reddit Apps Users: As fast as the world is coming under the grip of technology. In times to come, the cost of individual’s data will be higher than any expensive item. The world’s biggest tech companies are constantly making rules to prevent phishing attacks. Despite all this, a big company has become a victim of this. The name of the company is Reddit. It is a social media platform. The hackers have stolen the company’s data and are demanding ransom for not making the data public. The company is constantly trying to deal with the hackers in this matter. The ransom amount is around $4.5 million.

What is the matter?

Hackers have now joined hands with app developers and page moderators in the ongoing protest against Reddit API price changes. In addition to demanding a ransom of $4.5 million, the hackers are demanding Reddit to withdraw its new API policy. A ransomware group known as Blackcat stole more than 80GB of data from Reddit in February using a phishing campaign targeting employees. The company is also not able to access some data. The hackers are now threatening Reddit to make all this data public if the company fails to meet their demands. Reddit has acknowledged the phishing attack on its platform and issued an official statement.

Company issued statement

The company has said that the Reddit system has been subjected to a sophisticated and highly targeted phishing attack, in which the hackers have managed to steal some of the company’s internal data. Reddit recently updated its API guidelines, where third-party app developers were asked to pay a certain fee for using the API. This did not go down well with the community of app developers and even the moderators, and they started protesting by making popular subreddits private and calling it the Reddit Blackout. According to a report in The Verge, Reddit CEO Steve Huffman has said that the platform was never designed to support third-party apps and the company will not make any changes to the latest policy.