Its Really Hard To Pay in Bitcoin to Hackers

Criminals Using Bitcoins

Bitcoin – Over the weekend, an unprecedented cyber attack hits the world by storm. However, the majority of the people affected by this attack hasn’t paid any amount to the hackers.

After the ransomware starts to infect the users on Friday, they were given an ultimatum of 72 hours for paying $300 million in bitcoin. This digital currency is selected by the hackers because it is difficult to track cryptocurrency than the conventional payment methods.

If someone doesn’t pay the ransom after seven days, then the computer of the users will be locked permanently. It is a serious issue for the people who don’t back up their data.

According to the Elliptic Enterprises Limited, there is around $50,000 paid in ransoms as of early Monday. The total is calculated by the company on the basis of payments tracked to bitcoin that address the specific ransom demands.

A digital security research director at ABI Research Michela Menting says that the amount is very less. This is likely because of the fact that the backup and recovery procedures have been initiated by the majority of organizations.

Problems for the people who hasn’t saved the data

Additionally, paying a ransom is not that easy for people who didn’t save their data on a different system. The hackers have offered a helpful link for the users who are new to bitcoin, but the cryptocurrency is still not a common thing for the majority of people.

The CEO and co-founder of Elliptic states that the majority of people don’t know where to begin if they are presented with something that asks to pay the amount in bitcoin.

There are many steps that needed to follow like obtaining the bitcoin by registering with an online exchange and then complete the verification process. Then, the users have to deposit the money into the exchange. Following that, the bitcoin can be sent to the address given by the extortionist.

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

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