Is Cryptocurrency Boosting Ransomware Attacks!...

Cryptocurrency and Ransomware Attacks!

                In recent years the ransomware attacks have come back hacking, stealing and encryption data of millions of users. Ransomware attacks are on its peak and surely they demand money as ransom after hijacking systems. Cryptocurrency and ransomware are deeply linked with each other.

You must also read:

 ransomware, everything you should know

                When we come to know about cryptocurrency, we find it as the safe shelter to store money without being in the notice of the law and enforcement agency of the country. Cryptocurrency has also been used for many illegal acts like money laundering and terror financing.

                Similarly while attacking any computer by ransomware, the attacker finds it the best place to demand a ransom. Most of the ransomware companies are demand money in cryptocurrency such as bitcoin one coin etc. WannaCry Ransomware has been the biggest attack so far. It infected a lot of computers and encrypted their data by demanding the ransom of $300 in BTC (bitcoin) which also questions the role of the cryptocurrency in ransomware attacks.

                However, by following the tips to save your computer from ransomware, you can easily make and more your computer more secure.

Ransomware as a Service

                Today ransomware also being offered as a service where the attacker sells a different kind of ransomware and in return gets the money. Many of the sellers also offer their nasty services on Craigslist and demand money in bitcoin (The Most Popular Cryptocurrency). This ransomware is so much simple to be easily be used by the layman buyer. So, in the end, the buyer uses it for disruptive purposes such as attacking the computer systems of its competitors.

Needs of Regulation of Cryptocurrency

                This doesn’t mean that the cryptocurrency is responsible for this ransomware attacks but it is also an inevitable truth that attacker find these platforms as a shelter for their money exchange. Cryptocurrency uses the blockchain to store the online data of the different transactions through different bitcoin wallet addresses so the transactions can’t be traced easily.

                As bitcoin mostly ensures the anonymity, the money can’t be traced easily, therefore, most of the time it is almost impossible to follow the money for law enforcement agencies. However, the transactions can be traced if cryptocurrencies are regulated.  Therefore, the cryptocurrencies are needed to be regulated properly so that the positive use of cryptocurrency may be ensured.