Bitcoin Ransomware: FBI reports of more than $18m in losses

Crime | June 25, 2015 By:

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.

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.

“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,” said FBI.

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.