[2015-04-24] BBC: Bitcoins 'losing' value for cyber-thieves

[pattu1]

Bitcoins 'losing' value for cyber-thieves

http://www.bbc.com/news/technology-32445026

Scrambling data with malicious programs known as ransomware - which demand payment from victims to decrypt data - has been popular with some hi-tech criminals over the past few years. The gang behind the notorious cryptolocker program is believed to have made about £2m from victims before it was broken up.

Bitcoins have been the preferred payment method, said Mr Maor, but the volatility of the currency and its falling value has forced criminals to convert it into other forms of cash as soon as possible.

"Most of them won't keep bitcoins - they don't like the valuations bitcoin has - so they just use it as a layer of obfuscation, and move it to a different form of money," Mr Maor told The Register during an interview at the RSA security conference in San Francisco.