SpriteCoin: Another Cryptocurrency Scam

Neeta GuptaBlockchain, Cryptocurrency, Fintech, scamLeave a Comment

Spritecoin cryptocurrency scam

The crypto-market is a grey market and there is no denying that there are group of hackers trying to con the world. News is doing rounds across internet that a new kind of ransomware is trying to trick users into installing it. According to cybersecurity firm Fortinet, Spritecoin marketed on the crypto forums as new cryptocurrency is actually a cryptocurrency-themed scam. The victims who fell into their trap thinking/believing that it is “sure to be a profitable investment” end up locking their computers through encryption.

Paying ransom is not a solution

The innocent investors who thought they are making money investing in the cryptocurrency, now own money to Spritecoin to unlock their systems. Just in case, if you are thinking that all they did is lock up computers and paying money will unlock it. No! there is more to the story.

Victims who fell prey and coughed up Monero payment to unlock their computers as per the ransom note are not at all given the decryption key. Their systems are infected with another piece of malware called W32/Genericltr. Although the researchers have not yet fully analyzed what this malware of capable of, it is said to have the capability of auto web camera activation, certificate harvesting and image parsing.

It is just a PoC or test?

The senior security researcher FortiGuard Labs, Tony Giandomenico has made a statement saying, “The intent behind Spritecoin was not just money. It is possibly a PoC or test of a new delivery mechanism to judge how many people will fell prey to it. The attempt is akin to when attackers are testing to see how quickly a worm can spread before actually launching it.”