Cryptocurrency is one of the most popular topics of the 21st Century, where the concept of financial management, transactions, and systems have completely changed with this digital form of currency. There are a lot of use cases that have been developed and included within the mainstream ecosystem involving cryptocurrency and blockchain.
However, the technology has still failed towards large-scale adoption at governmental levels. Although Bitcoin has been successful in gaining success at some level, such as in El Salvador, major governments are still not in favor of the adoption of Bitcoin and cryptocurrency as a financial system.
Cryptocurrency Fuels Ransomware
One of the major reasons that have led to such circumstances is this entity’s ‘decentralized’ characteristics. Although decentralization turned out to be an attraction for most users worldwide, it was not attractive enough for the governments.
One of the major concerns that arose with the concept of decentralization was the use of cryptocurrency in ransomware attacks. As the digital system kept the factor of anonymity at its peak, it became quite the thing for hackers where they could transport huge sums of money without being getting caught. Ransomware attackers found their heaven within cryptocurrencies payments, which is extremely difficult for authorities to trace.
Recent Ransomware Attacks in Cryptocurrency
Many examples can be recognized for ransomware attacks and their association with cryptocurrency. One of the latest examples came up with JBS, one of the world’s largest meat processors, who paid an amount of $11 million worth of Bitcoin after a cyber attack forced the shutdown of their plants throughout the US, Canada, and Australia. Although several authorities pointed out fingers over different cyber groups, the attack was untraceable, and there was no sign of the money given as a ransom. Knowing it’s hard to trace crypto payments, hackers have seen a loop hole where they can successfully attack the systems.
Breaking the Crypto- Ransomware Links
Examples like JBS show how Bitcoin and other cryptocurrencies have been used as a product of ransomware attacks at various times. This turned out to be a headache for the digital community, moving towards a governmental adoption of this digital financial system. Regardless of the problems, several companies, authorities, and developers are in pursuit of the appropriate technique that would keep the anonymity intact, along with setting up a system that would help authorities keep track of the ransomware attacks and the payments made across cryptocurrencies. This would surely strengthen both the government’s narrative and the long-term adherence of cryptocurrency as a financial sector.
Also Read: Is NFT just a piece of art?
There is Still a Bright Future!
The relation between ransomware and cryptocurrencies has been quite deep over the years; however, people have realized the threats this has posed to the future of this digital innovation. With regulation, it is believed that there would be quite a change brought across the nature of the problem, which would be cut short if approached in the correct way. However, the digital community is concerned with the change it would bring in the nature of cryptocurrencies. The complete procedure is a long shot, which requires some time; however, it is believed that the future for cryptocurrencies is bright and shining. This can be achieved with the help of managing threats such as the use of crypto in ransomware attacks.