Sunday, May 28

Ransomware attacks fuelled by Bitcoin popularity

A lot of businesses changed with the advent of Bitcoin & the prominence of cryptocurrency has paved the way for unprecedented growth. No industry has been able to replicate & pull off what the did. An improved efficiency, faster transactions, impenetrable security & trust has been ushered in by bitcoin which met the majority of the requirements of companies operating worldwide. However, there is yet another side to it that is not very pleasant & wreaked havoc on the daily activities of leading companies.

One such example of the dark side is “Ransomware Attack”. The infamous syndicate of cybercriminals remains proactive in perpetrating such attacks on unsuspecting companies in broad daylight. What is a ransomware attack & how is it detrimental to the flow of business? Bitcoin Era will address the issue in its entirety to help you gain a closer view of the whole issue.

Bitcoin: Safe Haven for cyber attackers

The last decade has proved to be an absolute success for ransomware attackers. It has not only made them incredibly faster but their identity also remains concealed. Their perfect solution to previously encountered problems in such cyberattacks, bitcoin is being used by 98% of the attackers to extract the ransom for the victimized company. 

Bitcoin transactions are incredibly faster & they are super easy to initiate and complete. What else is required to pull off a perfect money heist? Attackers got what they wanted i.e., “easy in easy out”. The transactions are significantly hard to be traced and the attackers stay anonymous even after the attack.

Millions wiped out in seconds 

JBS is the world’s largest company in terms of meat processing which paid a humongous $11 million as part of the ransom demanded by the hackers. The payment was made in Bitcoin after all the plants of the company fell into the booby-trap installed by the digital hackers/syndicate. The company’s operations in countries like Australia, Canada & U.S. got halted right after the attack and its ability to exercise control over its asset was seized by the hackers.

The actual perpetrator of the attack is believed to be a digital crime syndicate based in Russia. Bitcoin has enabled cybercriminals to move millions of dollars across the geographical boundaries of various countries in just a matter of seconds.

Dawn of Dark Web

Increasing instances of money laundering have been witnessed which is being easily conducted through the use of ever-expanding cryptocurrencies. You can shift money from your state to any other state without ever being traced. This is one of the predominant features of Bitcoin that is highly favored by the malicious organizations operating from the dark side of the digital realm.

Moreover, small-scale thefts & low-level cyber-crimes are being perpetrated almost on a daily basis. Users’ credit cards & personal information is also exposed to serious threats. Ransomware attacks are believed to get more severe than they have ever been since technology is at its peak.

Shady deals with no claws of “LAW”

No one is immune to the cyberattacks in this hyperactive scenario that we are a part of. Even government institutions, hospitals, big companies can never be too sure of their security as hackers are constantly vying for an opportunity for someone to make a small flaw in security maintenance. 

Furthermore, the chances of nabbing those hackers/ criminals/scammers are almost out of the question. Such hackers don’t even put up their identity and why would they? The element of anonymity is heavily exercised in the cryptocurrency ecosystem which is why the frequency of such attacks has increased manifold. The name of the parties in any bitcoin transaction is equivalent to being a random number.

Who is the culprit?

The wallets, addresses, currency circulation can never be tied to one person at one time. It is almost an impossible task because the cryptocurrency space is filled with millions of wallets, addresses and an individual has the liberty to have dozens of such credentials. No one of going to question the possession of such outrageous wallets & addresses as there is no central authority to put a leash on these shady people who operate as a shadow.

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