Cryptocurrency users have become a favorite target of cybercriminals over the past few years. With the value of all these currencies increasing exponentially, it is evident that criminal entities want their share of the cake. As a result, we have seen an influx of new malware-laden applications and tools, all of which are designed to obtain Bitcoin or altcoins. In the case of SpriteCoin, a wallet application is actually a delivery platform for a new type of ransomware.

Beware of the Fake SpriteCoin Application

In the wide world of useless altcoins, a name like SpriteCoin doesn’t stand out as potentially malicious. Most people would assume it to be a fake currency riding the coattails of the Sprite brand. That is not the case, yet this doesn’t mean people should automatically trust SpriteCoin. This name pertains to a project which is allegedly a cryptocurrency, although there hasn’t been much evidence of the creation or existence of such an altcoin.

Furthermore, the wallet application associated with SpriteCoin is something people need to steer away from. It seems there is a lot more to this software package than meets the eye, and not in a good way. Anyone who downloads and installs the SpriteCoin wallet on his or her machine will subsequently get infected by a new type of ransomware. If there is one thing the world needs less of, it’s new forms of ransomware.

It seems the ransomware in question is something which researchers had not come across previously. Although few specifics are known at this point, we do know the malware is rather persistent. Additionally, it seems to demand payment in Monero, rather than Bitcoin or another cryptocurrency. Given the private and anonymous nature of Monero, this development is not surprising in the slightest. Paying a ransom demand is never the answer when malware like this one infects one’s computer, though.

Indeed, those victims who do decide to pay this ransom will get in even more trouble. It seems the completed payment serves as an invitation for the malware developers to infect one’s computer with other ransomware, malware, keyloggers, and so on. There’s good reason as to why people should never pay a ransom demand, and this variant clearly shows why that is the case. It is very likely that this is a new method of attack currently being explored by cybercriminals.

For the time being, there is no way to get rid of the ransomware installed by SpriteCoin. Since researchers don’t have a solution ready at this point, cryptocurrency enthusiasts need to conduct their own due diligence first and foremost. There’s no reason to get involved with anything known as SpriteCoin, as the project seems to be utterly fake. For cybercriminals, however, this may quickly become a new revenue stream if attempts like these prove to be successful. 

It is evident that ransomware will not disappear anytime soon, as it is far too lucrative for cybercriminals at present. If they continue to link their ransomware distribution to the creation of alleged cryptocurrencies, things will take a turn for the worse. It is time that people start educating themselves on who they can trust and which projects are utterly fake. Stay away from SpriteCoin and any software associated with that name.