Ransomware hacks linked to Crypto are killing Bitcoin slowly !!

[NeuroticFish]

How many ransomware attacks have happened in the time there was internet and no cryptos, before 2010 let's say ?

In the past the ransoms were paid in cash. Internet has diversified the ways one can attack and ask for ransom, crypto made the money transfer faster. But ransoms did exist even before.
So imho still the internet is the one doing more "damage" than crypto...

[jaberwock]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

I agree with you that it is bad, and it’s definitely going to give a lot of the oppositions of Bitcoin more reasons to go against it as they do. I haven’t heard of this particular news that you posted here, but there was one I saw around last week, which is the same story of hackers hacking a big company and demanding for Bitcoin as payment. But, the news said that the funds that were sent to the hackers were seized by the FBI.

I don’t know how they managed to seize funds that were sent through Bitcoin. According to the news the FBI have yet to make any statement on that. But don’t forget that Bitcoin can’t be banned completely.

[avikz]

I don't know if these hackers are killing bitcoin or not, but they are definitely killing the reputation of bitcoin. A common man who doesn't know anything about bitcoin, would definitely consider bitcoin as an evil because of its involvement with almost every cyber attack.

Couple of days ago, I was having a discussion with one of my uncles who is a Sr. Vice president of an MNC on the same line. He was quite adamant that cryptocurrency should be banned from everywhere just because it is beings used as a tool to the hackers. He is quite concerned that his company may have to face such nonsense in future and the financial loss they will have to consider after that. So hackers are definitely killing the reputation of cryptos and giving banking lobby a weapon to speak strongly against it.

[Vishnu.Reang]

In the past the ransoms were paid in cash. Internet has diversified the ways one can attack and ask for ransom, crypto made the money transfer faster. But ransoms did exist even before.
So imho still the internet is the one doing more "damage" than crypto...

In the past most of the payments were made through online fiat modes, such as LibertyReserve and pre-paid credit cards. Now at least a section of these criminals have started using cryptocurrency. But IMO, this is not going to last long. The authorities have devised methods to track the payments and seize the funds, as seen from the recovery of BTC from the pipeline hackers. So very soon these hackers will shift to some other method, which they believe is more anonymous and difficult for the authorities to track.

[GreatArkansas]

In the past the ransoms were paid in cash. Internet has diversified the ways one can attack and ask for ransom, crypto made the money transfer faster. But ransoms did exist even before.
So imho still the internet is the one doing more "damage" than crypto...

In the past most of the payments were made through online fiat modes, such as LibertyReserve and pre-paid credit cards. Now at least a section of these criminals have started using cryptocurrency.

That's why I consider this as normal same as just what people doing in fiat for such scammers or ransomware hacks.
That's why a lot of people especially those newbies or with no idea how cryptocurrency works that keep talking negatively about cryptocurrency or Bitcoin when they hear about this kind of accident.

[davis196]

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  Roll Eyes

This is a conspiracy theory and it doesn't make any sense.
Russia doesn't care about whether or not the western governments will ban cryptocurrencies.
If the western governments want to ban cryptocurrencies,they can find many excuses-tax evasion,money laundering,energy consumption of crypto mining,etc.Ransomware hackers are just one of those excuses.
Even if cryptocurrencies do get banned,the ransomware hackers will find other payment methods for their blackmailing.

[Karartma1]

Maybe the funniest part of it all is the fact that bitcoin and ransomware go along very well together. I remember a friend of mine got a very nasty one where when the HD got encrypted he received an automatic live BTC paying request where the btc address was changing every hour.

[Lucius]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

Ransomware did not originate with the advent of cryptocurrencies, and the first such attack was recorded back in 1989 - so there is no need to panic that this type of hacking will kill Bitcoin quickly or slowly. The main culprit in this story are irresponsible individuals and companies who do not take measures to protect themselves from such attacks, which would be far cheaper than paying ransoms.

Of course, opponents of Bitcoin will use this for their attacks, but they do it constantly, and it is not just about ransomware, but also drugs, weapons, terrorism and the agenda about Bitcoin destroying the environment. However, if we look objectively at the data on how many criminal activities can be linked to Bitcoin, then it is about 1% or even less - the question is whether this is a justifiable reason for any attack on crypto?

[kryptqnick]

Ok, so we have seen several large companies being targeted by hackers and then ransomware being used to extort money from these companies. The latest being one of the largest meat suppliers in the world ==> https://www.bbc.com/news/world-us-canada-57318965

The hackers will then demand Crypto currency payments to "unlock" the Cyber attack for these people to continue with their business. Now, most of the previous Cyber attacks have received little or no media attention.. but things have changed and these hackers are now targeting large companies and these hacks are getting a lot of media attention.  

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

It's indeed a lot of negative publicity with these oil and meat supply chain hacks. It would be better if they preferred some other coins rather than Bitcoin. At the same time, I believe that Russian hackers were linked to these cases, and they might work for the Kremlin, actually. I agree with you on this point. So perhaps asking for payment in Bitcoin is deliberately done to make its reputation worse.
Nevertheless, we should remember that money is itself ethically neutral, and it can be used for legal or illegal activities. Dollar is undoubtedly used for many gruesome activities, and yet nobody suggests regulating it or thinks less of this currency because of it. The same must hold for Bitcoin.

[Sterbens]

Of course, opponents of Bitcoin will use this for their attacks, but they do it constantly, and it is not just about ransomware, but also drugs, weapons, terrorism and the agenda about Bitcoin destroying the environment. However, if we look objectively at the data on how many criminal activities can be linked to Bitcoin, then it is about 1% or even less - the question is whether this is a justifiable reason for any attack on crypto?

That's right, and only 1% of them intentionally backfire as if Bitcoin and crypto are massive tools that criminals use to protect their identities.
one answer, that the mainstream media has always been a small Bitcoin loophole and enlarged it, thus influencing every country that generalizes Bitcoin as a criminal intermediary.

[Oneandpure]

Yeah it bad side from cryptocurrency because using for washing money and many time ransomware hack always use bitcoin as payment because hidden the owner of bitcoin wallet, but I believe is not way to make bitcoin dislike by many people and investor, how many time this ransomware working and got much bitcoin keep not any negative impact so far.

[GeorgeJohn]

Hacking attempts are unlikely to see crypto being banned in Europe and North America at least. Also, any mention of cryptocurrency/bitcoin in the media is still keeping it on people's minds.

I keep on asking, what's going to be the benefit of government if cryptocurrency is been ban, general it comes to my awareness that at of hundred percent (100%) of the countries across the world, it's only few countries that adopt the features of cryptocurrencies, which can be at least fifty percent [50%] so attacking particular sector or hacking a particular sector because of cryptocurrency restrictions or ban , i think is bad concept in any country, and this will not be ban in Europe if it's their major objective, except it's government that's is fully in support of cryptocurrency regulations via their nation.

[eaLiTy]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

As per your rule if anyone is using anything for illegal purposes then the entire mechanism will be blamed and only fiat will have the immunity to get way with these accusation  . In the past even i used to think about the billions of dollars worth of scams in the cryptocurrency platform and used to think it is not a good representation to the new users.

I do accept there are cyber crime and billions of dollars worth of hacks are taking place in the normal banking networks and you really cannot trace those, the difference here is that each and every transactions in BTCitcoin can be viewed and researched anytime .

[Silberman]

Ok, so we have seen several large companies being targeted by hackers and then ransomware being used to extort money from these companies. The latest being one of the largest meat suppliers in the world ==> https://www.bbc.com/news/world-us-canada-57318965

The hackers will then demand Crypto currency payments to "unlock" the Cyber attack for these people to continue with their business. Now, most of the previous Cyber attacks have received little or no media attention.. but things have changed and these hackers are now targeting large companies and these hacks are getting a lot of media attention.  

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

Unlikely, governments are not dumb they love the blockchain and what they can do with it but they hate the freedom that bitcoin brings, if anything I think in the future what governments will try to do is to disallow independent wallets like electrum and force people to use the wallets in exchanges and force you to go through KYC policies from the beginning, with that they will control the ecosystem and do whatever they want and it will be more than enough to control bitcoin and stop attacks like these while at the same time keeping a charade that everything is still fine, it wont work but I am sure they will try something like this in the future.

[SquallLeonhart]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

There were ransomware before crypto was a think, I do not think that it will kill bitcoin at all. There were times when people hacked into your computer and charged you a ton of stuff back when it was connected via line, and your phone bill would be in thousands of dollars because of it, I had friends who lived that and it was such a huge shock that it was basically like 6 months worth of salary as a whole, can you believe how horrible that is?

I mean if someone asked 6 months of my salary from me I do not know what to do but phone bills became that much back in the day (this was like 20-25 years ago). Did that killed the internet? Of course it did not, just because some people use something badly doesn't mean that it should be stopped, everything in life can be used for good or for bad, it doesn't mean that people will stay away from it.

[milewilda]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

There were ransomware before crypto was a think, I do not think that it will kill bitcoin at all. There were times when people hacked into your computer and charged you a ton of stuff back when it was connected via line, and your phone bill would be in thousands of dollars because of it, I had friends who lived that and it was such a huge shock that it was basically like 6 months worth of salary as a whole, can you believe how horrible that is?

I mean if someone asked 6 months of my salary from me I do not know what to do but phone bills became that much back in the day (this was like 20-25 years ago). Did that killed the internet? Of course it did not, just because some people use something badly doesn't mean that it should be stopped, everything in life can be used for good or for bad, it doesn't mean that people will stay away from it.

Dont know on what theyre been thinking about for Bitcoin gonna die just because of these ransomewares without even thinking that it was already existing before this market had showed up.

Try to look back on that first ransomware attack at least we do have some idea.
A History of Ransomware Attacks: The Biggest and Worst Ransomware Attacks of All Time

Even though these things happen but doesnt mean that it would be the end of Bitcoin.

[Obito]

It's not the problem of bitcoin that they are being used for crime, people should start looking inward and see for themselves that they are the problem and not bitcoin remember the saying "Don't shoot the messenger"? Also, I don't think that it will kill bitcoin because this is a bad publicity and it's still a publicity.

[Oneandpure]

It's not the problem of bitcoin that they are being used for crime, people should start looking inward and see for themselves that they are the problem and not bitcoin remember the saying "Don't shoot the messenger"? Also, I don't think that it will kill bitcoin because this is a bad publicity and it's still a publicity.

Yeah many fiat can be payment way by criminal cases not only bitcoin but USDT ever get it, I see not any change when bitcoin become payment for ransomware hack cases because when bitcoin as payment keep make price up, its not bitcoin fault but some hacker try to use bitcoin as payment way because easy and never have any limited transaction when sending money.

[oHnK]

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

There were ransomware before crypto was a think, I do not think that it will kill bitcoin at all. There were times when people hacked into your computer and charged you a ton of stuff back when it was connected via line, and your phone bill would be in thousands of dollars because of it, I had friends who lived that and it was such a huge shock that it was basically like 6 months worth of salary as a whole, can you believe how horrible that is?

I mean if someone asked 6 months of my salary from me I do not know what to do but phone bills became that much back in the day (this was like 20-25 years ago). Did that killed the internet? Of course it did not, just because some people use something badly doesn't mean that it should be stopped, everything in life can be used for good or for bad, it doesn't mean that people will stay away from it.

Dont know on what theyre been thinking about for Bitcoin gonna die just because of these ransomewares without even thinking that it was already existing before this market had showed up.

Try to look back on that first ransomware attack at least we do have some idea.
A History of Ransomware Attacks: The Biggest and Worst Ransomware Attacks of All Time

Even though these things happen but doesnt mean that it would be the end of Bitcoin.

Yup, the analogy of this case is like this. If hacker attacks the google and ask google pay the hacker with A tesla. Is the Tesla can be banned to be produced? the victim of this criminality is BTC. The hacker use the ease which is have by BTC as their media to get advantage. I dont think that BTC is a danger but the best innovation that have been found.

[jaysabi]

Ok, so we have seen several large companies being targeted by hackers and then ransomware being used to extort money from these companies. The latest being one of the largest meat suppliers in the world ==> https://www.bbc.com/news/world-us-canada-57318965

The hackers will then demand Crypto currency payments to "unlock" the Cyber attack for these people to continue with their business. Now, most of the previous Cyber attacks have received little or no media attention.. but things have changed and these hackers are now targeting large companies and these hacks are getting a lot of media attention.  

Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies.

I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  

It's not going to lead to a blanket ban on crypto just like the having hundreds of mass shootings a year doesn't lead to a gun ban. The US isn't going to ban something that could put it at a technological disadvantage to other countries, so I think your paranoia is unjustified.  As for the hacks being Russian government sanctioned, I highly doubt it.  But tracking down Russian hackers who are menacing US businesses probably isn't a high priority for the Russian government.