Problems Of Ransomware Attacts On Bitcoin Network

Bitcoin Malware

Nowadays problems of ransomware attacks on the Bitcoin network is increasing day by day and this bitcoin feature is turning like a curse on the the whole bitcoin industry. Bitcoin BTC is basically a digital currency used to secure and transfer funds and has a decentralized system which helps the people in the decision making process.

What is ransomware

Ransomware is basically a kind of malware virus that automatically installs on the victim’s computer that ultimately executes a cryptovirology attack resulting adverse effect on the system and in order to unlock or undo it cyber criminals are demanding a huge amount of payments from the victims, so basically cybercriminals are applying the extortion to take law and order in their own hands. Ransomware virus basically locks the system which becomes difficult for the experts to reverse it and displays the message requesting payment to unlock it.

Notable example

Mr. Winston who is the chief of the Circle sports experienced these kinds of attacks, Malicious code as given by the cybercriminals to Mr. Winston turned his Excel spreadsheets and word documents into unreadable form and hackers told him to give $500 in bitcoin to unlock it.

What experts believe

After conduction researches and surveys experts says that attacks often start with an email message which basically contains an attachment or link to a website, once you click on that link or attachment it will automatically installs the software on your system and unlocks your important documents.

Ransomware on the rise

Ransomware is becoming a huge threat to the commerce industry and targeting entire network of computers at hospitals, universities and businesses. It is estimated by the U.S. Department of Justice that almost more than 3,500 ransomware attacks are occurring in a day which basically demands payment ranging from $550 to $1100.

CONCLUSION

Hollywood Medical centre in Los Angeles paid nearly $16,999 to unlock their files, It encrypted data on their 860 computers and nearly on 149 servers. The FBI has estimated a total of $ 23 million losses speeded by the people to unlock their computers. So there is a high time to take the Bitcoin security on a high note.

Bitcoin Advice

All posts published by the Bitcoin Advice Editorial Team combined. Primary objective is to provide quality content to our readers.

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