How Ransomware is Stealing Away the Bitcoin Victory

[di_dyson]

In 2016 a new illegal industry emerged in the bitcoin ecosystem. Ransomware, a malicious program with the ability to encrypt a file or lock the user out totally from a computing device. Hackers invented a way of blocking user access to very important servers and demanding a ransom of bitcoin in exchange for an unlocking key.

Data security has been one of the biggest and longest running questions since the emergence of modern computing. Reverse engineering enables people to unlock a stream of coded security locks. Lately, hackers have invented a new way of maliciously getting payments in bitcoin by using Ransomware. Coinidol explores what ransomware is and how users can safeguard against it.
What is Ransomware?
Coinidol.com spoke to Shivank Dalmia, an ICT specialist from India, about what ransomware is, when it came into existence, who can design it and how it can get onto a user’s computer system. In response he said: https://coinidol.com/ransomware-is-stealing-bitcoin-victory/

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[Xester]

In 2016 a new illegal industry emerged in the bitcoin ecosystem. Ransomware, a malicious program with the ability to encrypt a file or lock the user out totally from a computing device. Hackers invented a way of blocking user access to very important servers and demanding a ransom of bitcoin in exchange for an unlocking key.

Data security has been one of the biggest and longest running questions since the emergence of modern computing. Reverse engineering enables people to unlock a stream of coded security locks. Lately, hackers have invented a new way of maliciously getting payments in bitcoin by using Ransomware. Coinidol explores what ransomware is and how users can safeguard against it.
What is Ransomware?
Coinidol.com spoke to Shivank Dalmia, an ICT specialist from India, about what ransomware is, when it came into existence, who can design it and how it can get onto a user’s computer system. In response he said: https://coinidol.com/ransomware-is-stealing-bitcoin-victory/

Ransomwares is just the beginning of the upcoming security system. It is like the computer virus that were also made by the anti-virus company, you will buy their software to avoid being infected by the virus that are coming from them. Soon anti-ransomware protection will pop-outs to give protection to people with huge bitcoin so they can make their transaction safer from the hacking software that they made. Cool business, what do you think.

[wisqo]

Ransomware has been around way before bitcoin. I remember I was hit by ransomware in the very early 2000s asking for $300 to be paid through a bank transfer to regain access to my machine. Only difference is that people involved in this ask for bitcoin instead of cash as it is easier for them to accept and less traceable. Nothing new, so a "new illegal industry emerged in the bitcoin ecosystem" is misleading.

[requester]

well ransomware is not a new think because it is affecting user's system since a long period of time. and well it had found bitcoin as the anonymous way to get paid for the unlocking key but the same with bank payment would be less secure for them so bitcoin is a super gateway for the attackers.

[hajimasan]

even one of my friend had got his system infected with ransomware and was asked to pay 0.5 bitcoin but he was lucky enough because all his personal information were backed up in a external hard drive and just re formatted the system to get rid of that attack.

so I think due to anonymity the attackers find the path easier to ask for bitcoin instead of real money.

[Kprawn]

This is BS, because the first known malware ransom attack, the "AIDS Trojan" was written by Joseph Popp in 1989. { 20 years before Bitcoin was

released. } Bitcoin just made this a bit easier, because it offers pseudo-anonymity. {or so they think} We will soon see some court cases where

special forensic software and proper investigation would reveal the culprits. The 3 letter agencies will make an example of these people, when

they get caught. { We will see some big sentences being handed down for these crimes } This is equal to industrial sabotage, and should be

handled in the same manner. This will also have less impact, if people make regular backups of their data. 

[youdacapt]

even one of my friend had got his system infected with ransomware and was asked to pay 0.5 bitcoin but he was lucky enough because all his personal information were backed up in a external hard drive and just re formatted the system to get rid of that attack.

so I think due to anonymity the attackers find the path easier to ask for bitcoin instead of real money.

Ransomware is difficult to clean if they get into various formats such as mpg, pdf, and mp3. It takes data that's completely new - data backup on an external/portable hard drive. Antivirus like hitman pro and variety of premium antivirus can prevent it. But nothing could help when virus is already in  hardware system, except reinstall the system.