LiteCoin is targeted

A new Trojan Horse was discovered that threatens to steal users money from their virtual LiteCoin wallets.

If the newly created media hype around virtual currencies made you think about buying some coins such as long term savings, you may need to think again. A recently discovered malware that targets the digital currency LiteCoin and aims to steal the coins from these users’ computer.

Wait, Litecoin? If the name sounds familiar, you’re not wrong – it is a parallel version to the BitCoin currency, based on the same protocol. The LiteCoin is different in that it is possible to mine with consumers computing power (such as PC or mobile) and the currency network provides fast transaction certificates (about 2.5 minutes on average). Also, limiting the amount of coins on 84 million coins, 4 times the amount of the BitCoins permitted for production.

The malware is actually of “normal” type. A Trojan Horse file placed on your computer and performs malicious actions. Right after the penetration of the file, it scans the computer and locates the user’s digital wallet, where the LiteCoin funds are placed. The Trojan Horse sends the file to the servers controlled by the attackers, where it undergoes certain manipulations to decipher the encryption of the wallet and steal the money.

This is not an easy task, since users can secure their wallets and use various software’s digital currencies. Still, when the computer is hacked, the wallet is stolen. However, the users can save their money by transferring funds to other digital wallet, before the attackers manage to decipher the encryption and steal the money for themselves. Indeed, the fact that the very nature of LiteCoin is “easier” mining, is more convenient land to malware to try and take control of the virtual wallet files.

This is not the first time we are exposed to malware created to steal digital money from users. In December 2012, a network botnet was revealed, which operates in the form of denial of service attacks against sites that allow performing BitCoin currency exchange, trying to get the login information of users for their banks and in addition try to get user passwords for software mining of virtual currencies that is installed on their computers. Also, on April 2013, there were news about new malware directed against Skype users that takes over the victim’s computer and uses their processing power to mine BitcCoins.