[2017-05-08] Firstpost: Bitcoin explained: The rising cryptocurrency

Bitcoin explained: The rising cryptocurrency and what it is used for

http://tech.firstpost.com/news-analysis/bitcoin-explained-the-rising-cryptocurrency-and-what-it-is-used-for-375224.html

Bitcoin is, more often than not, in the news for all the wrong reasons. Cybercriminals and hackers have taken a liking to the cryptocurrency because of the ease with which the it can cross borders, the lack of regulation and the anonymity offered by the transactions. Bitcoin is demanded as the form of payment for attacks using ransomware — wherein malicious software is used to encrypt the files of users on a system. The attackers then demand a financial transaction before they provide the details necessary for decryption, to allow the owners to access their own data, stored on their own machines, but encrypted with a key that is in the possession of the hackers.

In a recent case in Bengaluru, the entire Wipro campus was held for ransom. Hackers threatened to mail in a dangerous biochemical powder — Ricin — to the Wipro campus, unless the company paid up a Rs 500 crore ransom in Bitcoin. Wipro responded by beefing up security on campus.