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FBI: Recent Bitcoin Ransomware Losses Top $18 Million
The FBI has received reports of more than $18m in losses in the past year stemming from the spread of bitcoin ransomware Cryptowall.
By Stan Higgins
Updated Sep 11, 2021, 11:44 a.m. Published Jun 23, 2015, 7:10 p.m.
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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.
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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 notice read:
“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.
Image via Shutterstock
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