Bitcoin Is Now Losing Steam in the Ransomware Department:
Cyber slueths at Fortinet have discovered a cryptocurrency application that is actually a ransomware app in disguise.
The cybersecurity firm in its recent report, indicated that the SpriteCoin application to be a new kind of nefarious ransomware technique.
It prompts consumers into installing it for profits, and then encrypts their files. The ransomware asks 0.3 units of Monero(XMR) (~$100) to undo the attack with a decryption key. However, once the victims pay the sum, they further get further harassed by receiving more malware attacks.
SpiteCoin seems to have an embedded SQLite engine within it. This revelation has led researchers to believe that the database management system is being used to store harvested credentials.
Social Engineering Plays a Role
SpriteCoin is from all observation the first kind of malware attack which is delivered in the form of a cryptocurrency wallet.
The traditional ransomware techniques rely on phishing websites and emails.
It is to be noted that every ransomware piece of software pretends to offer something incredibly attractive in return for some confidential information and/or file download.
These messages may contain an intriguing story and context to make someone either click on the attached links/files.
The SpriteCoin ransomware also proves reports indicating the hackers’ declining interest in demanding payments labeled in BTC(Bitcoin).
For example, a California enterprise cybersecurity firm noted a steep seventy three percent decline in the Bitcoin ransomware demands online.