Security News

Cryptolocker shrinks ransom as Bitcoin bubble grows

Cryptolocker shrinks ransom as Bitcoin bubble grows: New versions of the malware have been shown by anti-virus firm F-Secure as having a lower ransom demand than previously.

The relatively new breed of malware known as “ransomware” works by encrypting files on an infected computer and issuing a demand for payment in Bitcoins to unencrypt them before a deadline, after which the price skyrockets.

Some victims have reported that despite paying the fee their files have been crunched anyway, and early attempts to disinfect machines have tripped booby traps that caused file destruction.

Up to now, the ransom has been two Bitcoins, but as exchange rates continue to soar that would put the extortion fee at nearly £900 at time of going to press. Newly infected machines, however, are only being asked for half a bitcoin, which is still a hefty £200+, rising to 4.5 Bitcoins, or over £2,000, after 72 hours.

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