Tesla’s Chinese rival falls victim to bitcoin ransomware attack

Chinese electric vehicle maker Nio recently revealed a significant data breach that exposed certain confidential customer and vehicle sales information prior to August 2021.

The hackers who emailed Nio reportedly demanded $2.25 million in bitcoins in exchange for not disclosing their internal data.

The company has put in place measures to respond to the incident, such as an exclusive hotline and email address, as well as a customer service representative, who said he would take responsibility for any losses incurred.

This cybercrime incident comes at a time when the Chinese government is putting strong pressure on all companies to be more careful and improve personal data protection and enhance their accountability.

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Nio apologized for the incident while stressing that it remains committed to maintaining data security and privacy. It also added that it would continue to work with government authorities to investigate the incident.

Ransomware is a type of malware that takes control of a computer and blocks access to data until a ransom is paid. Ransomware encrypts important files, rendering them unusable and requiring the user to pay a sum of money in order to access them again. Bitcoin is often the payment method used in ransomware attacks, as it allows for an anonymous and untraceable exchange of funds between the victim and the attacker.

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