What we currently know about the global cyberattack

Xavier Trudeau
Mai 19, 2017

WannaCry, which started last Friday, is the biggest ransomware attack the world has seen so far. "Not everyone is familiar with how bitcoin operates", Coleman said, explaining that confusion about cryptocurrency probably discouraged victims from paying the bitcoin ransom.

Bitcoin has enjoyed a phenomenal rally in the past few weeks, hitting a record high at $1,800 levels. The worms quickly scanned computers with vulnerability, in this case the older versions of Microsoft Windows, and used those computers as hackers' command and control centers.

"It's one of the tools in their pockets", said cybersecurity and Bitcoin expert Florin Lazurca, the senior technical marketing manager for security at Citrix Systems. The correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin's price dropped.

The hackers may very well take your money and leave without releasing the encrypted files. If you don't pay within three days, the amount increases to $600.

WannaCry has the ability to spread itself within corporate networks, without user interaction, by exploiting a known vulnerability in Microsoft Windows. However, there is no guarantee that after paying the "ransom" everything will be back to usual, and thus experts suggest against paying such money.

Russia, Taiwan, Ukraine and India were among the countries worst affected in the WannaCry cyber attack, multiple cyber security firms and researchers have said.

"It has been reported that a new ransomware named as Wannacry is spreading widely". Such power was on ample display this weekend, when a large cyber-attack afflicted an estimated 200,000 computers in 150 countries. And a survey by IBM even showed that 70 percent of businesses infected with ransomware paid the ransom. "And the average ransom spiked 266%, with criminals demanding an average of $1,077 per victim".

In the case of the NHS cyberattack, the hackers asked for $300 (£231) in digital cryptocurrency bitcoin, then gave several addresses to send the money to. But still, its popularity is low as compared to cash, credit card. With an attack like that, they're going to gain notoriety in the worldwide hacking fraternity.

It's necessary to keep Bitcoin on hand - which now exchanges for about $1,800 per unit - because government agencies don't necessarily have a fix for institutions once hackers have taken hold of their files, and its cybercriminals' preferred payment method.

Using methods he says are similar to those described in the book, University of Kentucky economist Aaron Yelowitz discovered some revealing information about the thinking of people with an interest in bitcoin. A study by Citrix Systems Inc. past year found one-third of British companies were hoarding digital currencies for future ransomware payoffs. Previously prepaid cards were used.

Much better is a personal transfer of bitcoin between individuals.

"The attackers haven't moved it".

Payments to the addresses have been rising slowly but steadily ever since the attack.

Bitcoin has trended upwards faster than expected and this has been exerting pressure.

The latest ransomware attack will only arm bitcoin's critics. Overall, despite the volatile trend, the fundamentals remain intact and so does the long-term positive outlook towards Bitcoins.

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