Up to now few years, we’ve seen a gradual improve in ransomware assaults which have shut down utilities, producers and hospitals. That is extortion on a worldwide scale. However protection in The Seattle Occasions has failed to spotlight the important thing truth that will assist readers perceive this menace.
With out exception, the criminals behind these assaults are demanding cost in cryptocurrency — the REvil syndicate behind the most recent ransomware is demanding Bitcoin value $70 million. That is the important thing know-how that allows ransomware, as a result of it’s the one method that criminals can safely and anonymously obtain extortion funds wherever on the planet. The expansion of ransomware as an business has paralleled the expansion of cryptocurrency.
Cryptocurrency isn’t helpful for mundane transactions like shopping for a pizza, and it’s too unstable to function a retailer of worth. As an funding, it has a lot of the properties of a Ponzi scheme. The one place the place Bitcoin and different cryptocurrencies have proved their worth is enabling prison transactions. Any makes an attempt to stem the flood of ransomware are doomed to fail with out monetary regulation that addresses the foundation of the issue.
Warren Okay. Jones, Seattle