'WannaCry' - the ransomware, asked users to pay a $300 ransom in bitcoins
Latest News : The recent ransomware attack has renewed a long-running debate about the dangers of digital currency. For those who are not yet aware, a malicious malware attacked almost 150 countries. The concept of the attack was simple: Your computer gets infected with a virus that encrypts your files until you pay a ransom.
"WannaCry" - the ransomware, asked users to pay a $300 ransom in bitcoins. The ransom note indicates the payment amount will be doubled after three days. If payment is not made after seven days, the encrypted files will be deleted. Security experts warn there is no guarantee that access will be granted after payment. Some ransomware that encrypts files ups the stakes after a few days, demanding more money and threatening to delete files altogether.
Why do hackers prefer Bitcoin over other modes of payments?
- Of late, digital currency Bitcoin has emerged as a favourite tool for hackers. Why is it a soft target? - When you pay something digitally, you use net banking, credit card or debit card. Now your information is attached to the card such as name, address, etc).
However, the case is different with bitcoin. The transactions you make using the currency are completely anonymous. According to a NDTV report, whenever customers trade in bitcoin, a private key associated with their wallet is used to generate a bit of code. That code is publicly associated with customer transaction but with no personal identifying information.
Thus, every transaction is recorded and securely signed in an open ledger that anyone can read and double-check.
Experts say that one of the probable reasons why hackers chose bitcoin as a form of payment was this - It protects identity.
Earlier, hackers used to ask for money from PayPal but due to stringent KYC (Know Your Customer) norms in PayPal, they have shifted to bitcoins.(read more...)
Latest News : The recent ransomware attack has renewed a long-running debate about the dangers of digital currency. For those who are not yet aware, a malicious malware attacked almost 150 countries. The concept of the attack was simple: Your computer gets infected with a virus that encrypts your files until you pay a ransom.
"WannaCry" - the ransomware, asked users to pay a $300 ransom in bitcoins. The ransom note indicates the payment amount will be doubled after three days. If payment is not made after seven days, the encrypted files will be deleted. Security experts warn there is no guarantee that access will be granted after payment. Some ransomware that encrypts files ups the stakes after a few days, demanding more money and threatening to delete files altogether.
However, the case is different with bitcoin. The transactions you make using the currency are completely anonymous. According to a NDTV report, whenever customers trade in bitcoin, a private key associated with their wallet is used to generate a bit of code. That code is publicly associated with customer transaction but with no personal identifying information.
Thus, every transaction is recorded and securely signed in an open ledger that anyone can read and double-check.
Experts say that one of the probable reasons why hackers chose bitcoin as a form of payment was this - It protects identity.
Earlier, hackers used to ask for money from PayPal but due to stringent KYC (Know Your Customer) norms in PayPal, they have shifted to bitcoins.(read more...)
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