Moneyweb, a financial news website in South Africa, faced a series of cyberattacks and extortion attempts after publishing investigative reports on Banxso, a company allegedly involved in fraudulent investment schemes. The attacks targeted articles exposing Banxso’s purported ties to fake investment ads using the identities of prominent business figures like Johann Rupert and Elon Musk. Despite efforts by Moneyweb’s IT team and service provider to mitigate the attacks, extortion emails demanded the removal of the incriminating articles, threatening further disruptions to the website’s operations.
The cyberattacks, identified as distributed denial-of-service (DDoS) attacks, overwhelmed Moneyweb’s systems with a flood of internet traffic, rendering the website inaccessible. These attacks occurred on consecutive days, lasting for several hours each time. The majority of the traffic was directed towards the two articles detailing Banxso’s alleged involvement in fraudulent activities.
In response to the attacks, Moneyweb received anonymous emails proposing a deal to cease the disruptions if the articles were removed from the website. The emails threatened continued attacks and potential domain closure if the demands were not met within a specified timeframe. Despite denial of involvement from Banxso’s COO and the company’s registration with the Financial Sector Conduct Authority (FSCA), the cyber incidents underscore the challenges faced by media outlets investigating financial fraud in South Africa’s digital landscape.
