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Soaring Bitcoin prices hurt the wallets of users paying CryptoLocker ransoms


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23 replies to this topic

#1 Grinler

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Posted 07 November 2013 - 08:26 PM

Prices for the digital cryptocoin Bitcoin soared today as its value reached over $300.00 per coin. This is great for bitcoin miners and early adopters, but for those who are dealing with the CryptoLocker infection, their ransom price just increased significantly if they pay using bitcoins.
 

cryptolocker-payment-methods.jpg


Users who are infected with the file encrypting ransomware called CryptoLocker have 72 hours to pay using 2 bitcoins or a $300 USD MoneyPak voucher to decrypt their files. If a user does not pay the ransom within 72 hours they are then forced to pay an increased ransom of 10 bitcoins using the new CryptoLocker Decryption Service that was created by the malware developers. With Bitcoin prices currently at $315, this puts the late ransom at a hefty price of over $3,000 USD.


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#2 Allen

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Posted 07 November 2013 - 08:28 PM

Ouch.


Hey everyone I'm Allen I am a young web developer/designer/programmer I also help people with computer issues including hardware problems, malware/viruses infections and software conflicts. I am a kind and easy to get along with person so if you need help feel free to ask.

#3 bludgard

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Posted 07 November 2013 - 11:08 PM

That is outrageous! LOL

It amazes me that this type of thing (infections) goes on ALLWAYS and people still do not create back-ups and must pay these ever increaing ransomes. I mean: If there is one thing everyone has heard of in relation to a PC; it's VIRUS! Come on people!



#4 bhringer

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Posted 07 November 2013 - 11:33 PM

Don't suppose bitcoin increase has anything to do with Silkroad being back up?

Edited by bhringer, 07 November 2013 - 11:33 PM.


#5 Netghost56

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Posted 08 November 2013 - 09:35 AM

Don't suppose CL was created by the creators of Bitcoin??



#6 Elise

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Posted 11 November 2013 - 02:30 AM

No, that would be the same as claiming UKash or MoneyPak would be behind it, which is ridiculous. :) Bitcoins, just like any form of other payment are just a means to an end. By the way, they're around a lot longer than Cryptolocker (since 2008)

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#7 Netghost56

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Posted 11 November 2013 - 09:50 AM

I agree it's farfetched, but not impossible. The fact that BitC has been around longer than CL only supports my theory.

 

It smells a lot like the old 'pump and dump' and 'boiler-room' scams that the stock brokers use.

 

And let's not forget that Bitcoin is referred to as a 'cryptocurrency'.

 

It could even be that the CL group is sitting on a large cache of BitC that they want to prime the value of before selling. If the BitC market is flooded sometime in the next six months then I would definitely take a close look at the transactions.


Edited by Netghost56, 11 November 2013 - 11:19 AM.


#8 Elise

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Posted 11 November 2013 - 11:06 AM

To avoid confusion lets not confuse BC with BC (the former being Bit Coins, the latter a common reference used for BleepingComputer). :)

 

Concluding from the fact that both use cryptography, that Bit Coins and CryptoLocker are linked, is making no sense. Cryptography is commonly used by Windows and third-party applications, and don't forget about secure email connections for example. You can't say that an email server that facilitates encrypted (secure) connections, is for that very reason likely to be involved with CryptoLocker, that makes really no sense.


regards, Elise


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#9 Netghost56

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Posted 11 November 2013 - 11:20 AM

I'm not trying to 'prove' that there's a link. It's just interesting food for thought. :busy:



#10 myrti

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Posted 12 November 2013 - 09:39 AM

The Cryptolocker is as closely linked to the Bitcoin as it is linked to the US Dollar. They are the two currencies in which you can pay the ransom and, actually, the transfer of US Dollars is supported via three different methods (uKash, cashU and MoneyPak), where Bitcoins is just supported by a single method. Therefore I find it more likely that the developer of cryptolocker is linked to US Dollar than to Bitcoin...

Besides, anyone that was involved in bitcoins since the early days and wanted to get rich quick, will probably have done so at the beginning of the year, when the price went from a few cents to several hundred dollars. Anybody asking for BitCoins now, imho failed missed to get involved with bitcoins at the right time when he could get thousands of bitcoins for a few cents.

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#11 Netghost56

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Posted 12 November 2013 - 01:33 PM

Well, there's been 2 major incidents with BitC in the past weeks...so maybe someone is trying to corner the market? Or drive up the value??
 
$4.1 million worth of Bitcoins goes missing as Chinese exchange GBL disappears

4,100 Bitcoins ($1.8 million) stolen from inputs.io, owner offers heartfelt apology



#12 Ted Striker

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Posted 12 November 2013 - 06:25 PM

Well, there's been 2 major incidents with BitC in the past weeks...so maybe someone is trying to corner the market? Or drive up the value??
 
$4.1 million worth of Bitcoins goes missing as Chinese exchange GBL disappears

4,100 Bitcoins ($1.8 million) stolen from inputs.io, owner offers heartfelt apology

 

 

If commodities can be manipulated then BitCoin can easily be manipulated by someone, or a group of people, with enough resources.  I don't know if it has been manipulated but it has definitely gained more mainstream acceptance.  I read an article (I don't have the link anymore) about how BitCoin has become increasingly popular in China and this might be partly why its value has rapidly gone up in the past few months.

 

I also don't believe that BitCoin is linked to CryptoLocker, it just makes sense that the makers of CryptoLocker would use BitCoin to extort money from people since linking BitCoin transactions to someone is very difficult even though you can follow the block chain.



#13 zhood

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Posted 19 November 2013 - 09:49 AM

BTC rose to over $1,000 yesterday. 



#14 bludgard

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Posted 19 November 2013 - 09:59 AM

BTC rose to over $1,000 yesterday. 

:blink:

My GOD, man!

I may need to down-grade to Byte-cions....LOL



#15 zhood

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Posted 19 November 2013 - 10:23 AM

 

BTC rose to over $1,000 yesterday. 

:blink:

My GOD, man!

I may need to down-grade to Byte-cions....LOL

 

I know multiple people that cashed in coins that they mined and sold for 30k+.






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