Ransomware Attack on Cryptocurrency Exchanges – Viable or Not?

Cyber attacks are a real plague for financial institutions, governmental agencies and corporations during the recent years. Especially famous has become the so-called ransomware, a software that blocks all data in a computer and the owners usually require a financial compensation for the code that shall unblock the data supposedly. No need to mention that the data gets never unblocked.
Ransomware attacks can pose a serious problem to cyber exchanges and in principle to those who are dealing with digital currency. The most serious ransomware that has recently hit a number of organizations is called Wannacry. Many enterprises stopped their work, many efforts were needed to eliminate the consequences of the cyber attack. Many analytics believe that this ransomware was created with a special intention to discredit bitcoin, by associating the digital currency with criminal actions.
Why so?
In most cases, cyber criminalists are asking for payment in bitcoin for the codes that are supposed to decode the data. Why bitcoin? Here, the advantages of bitcoin are used: bitcoin transactions are anonymous and irreversible. Some companies even buy some bitcoins for this purpose – to be able to pay the cyber criminalists when they block the data.

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