Blockchain Glossary

Ransomware

Ransomware

August 28th, 2021   |   Updated on March 9th, 2022

Ransomware is a form of malware that encrypts a victim’s files. The attacker then demands a ransom from the victim to restore access to the data upon payment. Users are shown instructions for how to pay a fee to get the decryption key. The costs can range from a few hundred dollars to thousands, payable to cyber criminals in Bitcoin.