Ransomware currency, Bitcoin is providing a viable and lucrative avenue for cyber criminals to make a living.
It is funding a new online crime wave that has seen new extortion-enabling malware families at least double each year since 2012.
There was one known ransomware family variant in 2012, according to F-Secure’s State of Cyber Security 2017 report. By 2015, there were 35, which exploded to 193 in 2016.
Bitcoin is Ransomware’s only constraint
The reality is that is that 42 percent of all Bitcoin transactions last year took place in China exchanges, according to an analysis performed for the New York Times.
A small change that could make a big difference
It seems global governments need to step in and change the rules to make things harder for them, by making all Bitcoin exchange accounts to be tied to a physical address. It may not stop them completely, but it would certainly deter a number of them.
Basically, if governments don’t act now to come up with a strategy for dealing with digital currencies, it’s not going to get any easier.
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