Ransomware attack: Why do hackers want payments through bitcoins?

'WannaCry' - the ransomware, asked users to pay a $300 ransom in bitcoins

 

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.

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.

This Twitter user has put an interesting flowchart on the Ransomware cyber attack.

But what is Bitcoin?

Bitcoin however, is not just a technology that can facilitate crime. It is a kind of digital currency. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies.

You store it in an online "wallet." And with that wallet, you can spend bitcoin online and in the physical world for goods and services.

Bitcoin trade

According to Investopedia, Bitcoin price has undergone a price revision following the WannaCry cyber-attack. Bitcoin has enjoyed a phenomenal rally in the past few weeks, hitting a record high at $1,800 levels. However, now, the correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin’s price dropped.

The correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin’s price dropped.| read more...

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Cyber attack alert! Malware 'Wannacry' is spreading: Know all about it

Nearly hundred countries, including India, have been hit by a massive cyber-attack

 

Nearly 100 countries, including India, have been hit by a massive cyber-attack, which, according to experts, was carried out with the help of "cyber weapons" stolen from the US' National Security Agency. The cyber attack was first reported from Sweden, Britain and France, US media outlets reported. Cyber extortionists tricked victims into opening malicious malware attachments to spam emails that appeared to contain invoices, job offers, security warnings and other legitimate files.

It has been reported that a new ransomware, "Wannacry", is spreading widely. Wannacry encrypts the files on infected Windows systems. This ransomware spreads by using a vulnerability in implementations of Server Message Block (SMB) in Windows systems. This exploit is named

According to cyberswachhtakendra, the file extensions that malware 'Wannacry' is targeting contain certain clusters of formats like:

Commonly used office file extensions (.ppt, .doc, .docx, .xlsx, .sxi).

Less common and nation-specific office formats (.sxw, .odt, .hwp).

Archives, media files (.zip, .rar, .tar, .bz2, .mp4, .mkv)

Emails and email databases (.eml, .msg, .ost, .pst, .edb).

Database files (.sql, .accdb, .mdb, .dbf, .odb, .myd).

Developers' sourcecode and project files (.php, .java, .cpp, .pas, .asm).

Graphic designers, artists and photographers files (.vsd, .odg, .raw, .nef, .svg, .psd).

Encryption keys and certificates (.key, .pfx, .pem, .p12, .csr, .gpg, .aes).

Virtual machine files (.vmx, .vmdk, .vdi).

After infecting, this Wannacry ransomware displays following screen on infected system:

Ransomware is writing itself into a random character folder in the 'ProgramData' folder with the file name of "tasksche.exe" or in 'C:\Windows\' folder with the file-name "mssecsvc.exe" and "tasksche.exe".

Ransomware is granting full access to all files by using the command:
Icacls . /grant Everyone:F /T /C /Q

Using a batch script for operations:
176641494574290.bat

It also drops a file named !Please Read Me!.txt which contains the text explaining what has happened and how to pay the ransom.(READ MORE)

Cyber attack on Union Bank of India is similar to Bangladesh heist - WSJ

The attempt closely resembled cybertheft last year of more than $81 mn from Bangladesh central bank

A cyber attack on Union Bank of India last July began after an employee opened an email attachment releasing malware that allowed hackers to steal the state-run bank's data, the Wall Street Journal reported on Monday.

The attempt closely resembled the cybertheft last year of more than $81 million from the Bangladesh central bank's account at the New York Federal Reserve, the paper reported.

The opening of the email attachment, which looked like it had come from India's central bank, initiated the malware that hackers used to steal Union Bank's access codes for the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a system that lenders use for international transactions.

The codes were used to send transfer instructions for about $170 million to a Union Bank account at Citigroup Inc in New York.| read more....