Ransomware attacks are the worst nightmares of an any organization’s cybersecurity, and more so in the case of administration. The recent Ransomware attack Baltimore City named RobbinHood has once again proved that cybercriminals are more than a step ahead of the authorities.
The hackers have taken down over 10,000 government computers, which has brought a technical halt in the city, severely affecting day to day life. Each and every government department in Baltimore has been hacked and made immutable for the time being. However, this time it’s more than just about RobbinHood, it’s also about the ransom.
Hackers have reportedly demanded 13 Bitcoins as a ransom to pull the plug on the malware. The government has refused to fulfill its demand and is trying to decode the malware. However, this has raised several questions on the integrity of cryptocurrencies at large.
Digital currencies have always been criticized for being favorites for anti-social activities. The matter in question this time is Bitcoin as ransom money. A few articles have surfaced online, accusing Bitcoins of being a mere tool of extortion by terrorists, criminals, and money laundering. Those against Bitcoin are claiming that
Ransomware seems very dependent upon cryptocurrencies.
Some are even wondering whether Ransomware existed before Bitcoins.
To simply answer that, the first Ransomware was recorded in 1989, and the modern ones like RobbinHood are in existence since early 2005. Therefore, it is too harsh to say that Bitcoin or any cryptocurrency triggered any cybercrime. Not only criminals, but everyone likes cryptocurrencies, especially Bitcoin.
Also, though there were reports of criminals using cryptocurrencies last year, the more recent reports have busted the myth. Tim Draper, one of world’s leading venture capitalists, stated in February earlier this year, that future no one except terrorists and criminals will use cash, and the rest will use digital currencies.
Those who are criticizing Bitcoins and other cryptocurrencies might not be fully aware of digital assets. Criminals love hiding and secrecy, which is in stark contrast to what cryptocurrencies offer, that is, decentralization and transparency. It’s unfortunate that the hackers are demanding Bitcoins, however, claiming Bitcoin of being the devil’s favorite demon is bizarre.