is Bitcoin used to extort people?

[Xester]

Bitcoin extortion is not only being done by ransomware hackers but it is also done by government authorities. There was even a case wherein a cop was charged of extorting 1.3 million dollars worth of bitcoin.  According to a coindesk article here is the story "The Crime Investigation Department (CID) in the Indian state of Gujurat has accused 10 police officers of kidnapping, attempted extortion and corruption after they allegedly abducted a businessman and forced him to hand over 200 bitcoins."

This is just sad that those who did it are the police who are enforcing the law. If you want to read more I will place the link of the article below.

https://www.coindesk.com/indian-police-officers-charged-1-3-million-bitcoin-extortion-scheme/

[Moneysingh]

Yes this is easy to use and track.

[israfil]

Bitcoin is not my best idea because I have not used Bitcoin at all, but there are more privacy printed coins that can be used by foolproof ones, and it seems to be the weapon like monero choice. I think bitcoin will run as ransomware though it is easy to buy through coinbase

[thevlox]

Bitcoin never applies force to the people. Those who work on bitcoin know that. We know bitcoin who use money as needed. And those who work properly here will be successful and those who will not succeed.

[jovs]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

Criminals are also making their progressive development on how to catch up with the security that technology is bringing to the public to secure their wealth and property. But, I am sure that blockchain technology is ready for hackers and on line extortionist, Since it is a systemic technology with tough encryption security, it is somehow tougher to infiltrate, and have precautionary measures in case of breach.

[funnynews]

This things require more experience, the guys who needs to complete things anonymously, will find a way to perform that

[Danstan]

Tracking of Bitcoin user or transfer is now easy for the government since you know, many crimes is involve with the usage of Bitcoin so I think this past year they develop some programs to track wallet owners location if this account is involved in big crimes.

[pasti kaya]

social jealousy is everywhere, people who do bitcoin squeezing may not be able to earn big money from bitcoin, therefore they commit crime through bitcoin.

[kucritt]

Tracking bitcoin transaction is becoming easier. The rest depends on the regulations of the government.

yes i agree with this, maybe governemnt in all country in the world can make a policy about the exchanger in their country use KYC to make sure their costumer, so if something happen with suspicious address government can track it from the exchanger that they registered

[Oppang Inamo]

It is very possible for the bitcoin to be used as an ransom since it doesn't give any records to any transactions made because of being anonymous. We are aware that bitcoin is also being used in an illegal sites patricularly in the deepweb. But lets not just blame all the illegal things in bitciin and we know that fiat money is also being used to many illegal activities. Fiat is also being used as a ransom.

[Nimblecrown]

Hi there

There are quite a few instances of insidious people using the anonymity of BTC to buy things that would normally be deemed incredibly illegal, extort people etc. These are some of the concerns that government institutions continuously bring up as consequences of BTC but tracking or catching such individuals is getting easier and will probably get much easier as the government regulations that are being spoken about are brought into play

[carlisle1]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

You talk alot of hearsay but you didnt even bother to put atleast links about whats your sentiments here,how did school and hospitals been victimized?and by whom,those hackers?in what point ,dare to share some proof?

Youre crying like a cow here but what issues you putted wasn't even exist.i dont buy this topic unless he will provide some supporting links here

[tarable]

yes indeed sometimes there are people who abuse bitcoin as a negative thing when this event is very damaging the development of bitcoin in the future, so hopefully the bitcoin future can grow again and the hackers can be destroyed by the government.

[Aandosq1]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

is Bitcoin used to blackmail people? No

now bitcoin gives me the greatest advantage I expect, and huge profits can be made for future savings, because what is promised is all there is, as the greatest guidance I now get from bitcoin, bitcoin is undoubtedly, when compared with others, but according to what I think is not the only Indonesian who believes bitcoin, many outsiders believe that bitcoin promises great benefits, even by hearing bitcoin japan being used as a medium of exchange.

[Glydel1999]

No, bitcoin not use to extort people because they are not a illegal business in field of in this industry
because they are very well known business in different country and at the same time useful to the investors to gain a huge amount of income.

[hujanderas]

Bitcoin is certainly used to blackmail people just like any other currency. There will always be people who are malicious, All transactions on Bitcoin blockchain are public. So it is possible for these people to be tracked if they transfer their coins to an exchange that requires personal information.

[bitfocus]

To solve these, we need KYC and AML integration - and fyi, fiat, gold and everything that has value is being used for criminal activities since the day they were born - but you guys are only to blame bitcoin!

[lotakasa]

If you are smart enough, it will never happen

[Melody2]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

This is the major problem with anonymity. There was a kidnapping in South Africa recently and I heard the criminals demanded to be paid in Bitcoin before releasing the victim is released. I think if the trail can be traced on blockchain it will be a good way to nab miscreants.

[costanos02]

There is a high possibility of bitcoin used to extort people, specially bad guys who ingage bitcoin, they are same like scammers, they want instant money.