The US Federal Bureau of Investigation (FBI) has received reports of more than $18m in losses in the past year stemming from the spread of the bitcoin ransomware Cryptowall and its related variants.A 23rd June advisory from the FBI’s Internet Crime Complaint Center stated that the agency received 992 complaints related to Cryptowall between April 2014 and June 2015.Cyberattacks involving Cryptowall and other types of ransomware encrypt data on the target’s computer, holding that information hostage unless a ransom – generally in bitcoin – is paid.Targets in the past have ranged from law enforcement offices to public schools.In many cases, the losses incurred by victims have stemmed largely from post-attack costs, according to the advisory.“The financial impact to victims goes beyond the ransom fee itself, which is typically between $200 and $10,000.Many victims incur additional costs associated with network mitigation, network countermeasures, loss of productivity, legal fees, IT services and/or the purchase of credit monitoring services for employees or customers.” The advisory stated that the majority of the attacks involve ransoms paid in bitcoin, adding that the digital currency provides a number of useful advantages.

“Criminals prefer bitcoin because it's easy to use, fast, publicly available, decentralized and provides a sense of heightened security/anonymity," the notice read.The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.Have breaking news or a story tip to send to our journalists?Contact us at [email protected]/* */.LAST Friday’s WannaCry ransomware wreaked havoc across the world and made some cry.

The scare started on Friday morning and by the end of the day, 57,000 computers across the globe had been infected by this Trojan Virus.By now, over 300,000 systems in over 100 countries are known to have been compromised.From hospitals to individuals and companies have seen their data being compromised, although the real extent of the damage is still not known and the attack has not completely stopped.linux bitcoin live cdUsers that were locked out of systems include Chinese government agencies, Deutsche Bahn, Nissan Motor Co and Renault, FedEx Corp, hospitals in Britain, Spanish telecoms and the Russian Interior Ministry.ethereum reutersWannaCry is a malware that encrypts your files and makes it impossible to gain access to content on your computer unless you pay a ransom.buy bitcoin kraken

Paying ransom to recover your data is not a new tactic.It has existed since 1989 when floppy disks were in vogue.According to IBM, the rise in ransomware spam in 2016 reached over 6,000% from 0.6% spam e-mails in 2015, and the situation is only worsening.In the past, about 70% of businesses impacted by ransomware paid cyber criminals to regain access.bitcoin ukash paysafecardCyber security company Symantec found out that 64% of Americans were willing to pay a ransom versus 34% globally.ethereum mining windows 10There have been many versions of WannaCry, but by far, this is the biggest and most severe.bitcoin lingoGovernments around the world and cyber security firms are still trying to make sense of what hit the computers.bitcoin reverse split

They are also trying to find out who is behind the attacks.Could this be the work of an established network of criminals, hackers or just bored teenagers?It would be a challenge to find out, but whoever it was held hundreds and thousands of computer data files hostage unless users paid a US$300 to US$600 ransom via Bitcoin, a popular digital currency.how to use kraken bitcoinBitcoin is the mother of all cryptocurrencies.bitcoin 1000 dolaresIt was trading at an all-time high of over US$1,800 a coin just before the attack.After the attack, it fell, but has since regained ground.So far, about 215 payments totalling US$80,000 have been made to online wallets linked to the attacks.Surprisingly, it is not big money compared to the stress, anguish and panic it caused the world.But who are the owners of these wallets?Finding out is going to be a long journey, as while some say Bitcoin transactions are transparent, others say cyber criminals prefer Bitcoin as payment because of its near-anonymous nature.

For now, the ransom payments are drying up, but is there enough safety nets to avoid another attack, and what to stop them from demanding more?This fear has driven some companies globally to stockpile cryptocurrencies to pay for future ransomware attacks.Would you do the same?The move could also push cryptocurrency prices higher, although analysts had before the attacks predicted that Bitcoin could rise to US$3,000 a coin by year-end.How do you buy Bitcoins?There are over 44 exchanges globally, over 700 different types of cryptocurrencies.But in Malaysia, there is none.Those who own some buy it through Singapore.It is not physical money, you can’t touch or hold it.It is virtual money and you need an online wallet to store it, or you can store it in your computer.In some countries, there are ATM machines where you can buy Bitcoins.One Bitcoin is worth over US$1,800.Bitcoin and other digital currencies are finding themselves unwillingly in the limelight following the global WannaCry attacks.