Topic: Ransomware hacks linked to Crypto are killing Bitcoin slowly !! (Read 343 times)

You are correct but at the same time we know that governments are going to use everything they can to try to create a negative impression of bitcoin to the investors that could be interested in coming to this market, this is something we saw with the FUD about bitcoin being bad for the environment despite the fact that bitcoin uses clean sources of energy, the truth does not matter, what matters is to manipulate the people and this is surely going to be used to achieve that effect.

Ransomware is bad thing and very bad when using bitcoin as payment way, I see bitcoin make as manipulated about hidden owner and not easy to get track with who address owner, this why many ransomware hacked using bitcoin for payment. Still not any impact for bitcoin dump with ransomware bit most danger when some country announce to banned bitcoin.

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.

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.

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.

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.

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.

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.

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.

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 .

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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...

It's linked in some way, because most ransomwares are demanding that bitcoin is used to pay for the ransom because they know that it is pseudonymous and they can mix it to further blur the cyber trail for their bitcoin.

Hihi, pretty simple.

First, once cryptos would be banned by the US the price would probably end up in a couple of hundred dollars, so good luck demanding a ransom that takes 3-5% of all the coins in the world, and this in one attack, all the markets will end up being sales from hackers to victims.

If cryptos would be illegal in the US for example, a company could not pay the ransom in the first place because they would end up doing something illegal the moment they purchase it, same for home users would rather dump all they two years of work than spending the same amount in jail. Hackers would simply abandon this and focus on companies that are based in countries where you can still buy those coins to pay the ransomware.  Of course, they could switch on demanding  cocaine for ransomware but I have a feeling the shipping and tax on this are more of a headache.

But leaving far-fetched scenarios aside, everyone needs to invest more in security, backup solutions, and personnel training, if somebody was able to sabotage this for money they could do it next time just for fun, cryptos, or no cryptos.


Exactly, too many try to view governments as enemies and picturing them in fear of BTC, those movements are made of people, with different views with different opinions and most importantly they are being replaced one by one. Of course, unless you believe in some reptilian overlord that rules over everything.

Do we really think ransomware is just linked to bitcoin. It's always easier to justify bitcoin with such malicious action and activities since it's not too private but if do a proper research, you will agree with me that this is actual ransom ware is mostly done by Fiat because it's the inky store of value that cannot be trace one's victim pay money except fiat that were printed from Bank with the only Identification.
Do banks actually have that time to purposely print fiat for a single person? I bet No but they can go brrrrrr for the FEDS

Crypto ransomware is nothing new.

Rogue nations have had dealings in illegal credit cards and stolen personal information before cryptocurrency was invented. There are state sponsored criminal markets revolving around the theft and distribution of banking related data and money. The federal reserve itself has been hacked 50 times in 4 years.


The media exclusively covers ransomware and financial breaches related to crypto and ransomware. While ignoring the identical role banks, credit card companies and similar institutions play in financial breaches.

How would this prevent cyber attacks? Crypto will still work even if you ban it, but now investigators will have less chances to catch the criminals and seize the funds, because there's no centralized exchanges that would cooperate with them.


As if governments needed any excuse to do it. If they really wanted it, they would have done it a long time ago.

Unfortunately an "anonymous" and no reversible asset with a wide pool of users to disguise it is basically ripe for this sort of abuse. I can only see it getting worse and it could really be the thing that will tarnish cryptocurrencies reputation forever. If you start to associate large scale criminal activity, that is primarily benefiting lawless and undemocratic nations, with Bitcoin because hackers are attacking companies each week - then it will start to draw even heavier regulation. We saw that sometimes it is actually causing mass harm to wide sections of the public like with the pipeline hack (where a ransom was paid yet the damage was still present) driving up fuel prices and causing great economic difficulties. Politicians simply won't be able to stand by doing nothing to counter it.

With all eyes starting to focus on Bitcoin, it is difficult for fraudsters to hide your coins source using Bitcoin.
If you are a scammer, ask for Meonero instead of asking for bitcoin will make it an easy for you to hide your ID.
I don't think a few attacks will prompt lawmakers to put in place anti-Bitcoin laws, I mean if Bitcoin is banned globally, would you expect hacks or blackmail, ransom demands or those attacks? No.

Why would governments ban the payment method demanded by such attacks and not just urge big companies to beef up their security systems? It doesn't make sense..

Ransomware has been around for years, even without the advent of crypto it was already happening, just not publicized and sensationalized like what's happening today. True that bitcoin and crypto will get the negative press and all that stuff, but will it lead for crypto to be banned just because nefarious groups ask for it as a payment for their exploits? I think not. Strict regulation on cryptocurrencies may be a result of other things, but certainly not this one.

It will not be a fuel for a cryptocurrency ban, but this will surely be one of the most used narrative on why crypto is bad—at least for the common folk jumping straight to conclusions.

Why? And why should all the governments do this if one of them takes action against it?
You just mentioned that some might be powered by a government so aren't it obvious that the same government is interested in keeping cryptos alive?
If Russia is behind the attacks and the US decides to ban it, why would Russia do the same?

One more thing, I find it funny for this topic to come from you, you were one of those radical supporters, that nothing can stop bitcoin, bitcoin is not used for crime, etc, etc, where has the change come from? Are you submitting to FUD? 


Did Colonial or JSB require the internet to function? Yeah!
Did they nee crypto to that? Nope! Could hackers do this without cryptos? Nope!

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

I wouldn't put it past any government (especially the US) to do that, though logically it would be a stupid reason for them to ban or over-regulate crypto.  Unfortunately the average person doesn't think the way bitcoiners do and don't realize that it's not bitcoin's fault that these hackers are doing what they're doing.  Bitcoin--or whatever cryptocurrency the hackers are asking for--just happens to be what's being requested as payment.  What if they asked for cash, or a bag full of gold bullion?  Would anyone even consider banning cash or gold?  Not likely.

It's unfortunate that this is happening, but I suppose with a form of money as easily transferable and pseudo-anonymous as bitcoin is, it was inevitable that it was going to be involved with ransoms and other forms of crime.  What I'm thinking is that a lot depends on how much bad press bitcoin gets because of the ransomware attacks.  If the bitcoin aspect of it isn't played up, I seriously doubt government regulators will be urgently moved to take any action against it.  Keeping my fingers crossed.

See you are so focused on the "price" impact and how media attention will increase the price.. that you are missing the whole point.

We do not want all the negative attention, because it will cause a ripple affect... where one country decides to ban Crypto currencies (using these hacks as an excuse) and then other countries jumping onto that bandwagon and doing the same.

We already have Butthurt Yellen  wanting to take revenge on "The Bitcoin Guy" ..... so these hacks will just give her ammunition to do just that.. (When the USA goes down, the others will follow) 

I'd agree because Bitcoin is only an alternative payment that the hacker use to hide his identity, not the problem itself. But other people might have a different perspective, they would think if Bitcoin got banned and no one will use it, the hacker will not have other pseudonymous currency again. If the hacker use fiat, of course it will be easy to trace him.

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IMO it will not killing Bitcoin, probably a dump or even worst case is crash. Bitcoin space is full of newcomer that want to earn instant profit without understanding Bitcoin first, this is main problem we faced right now because they would do panic selling if they read FUDs.

Well, they use the internet for this and I don't expect internet get killed/banned because of this.
What I mean is that although it could give some short term ammo to this or that bitcoin hater, on the long term all this won't matter and Bitcoin will prevail, maybe even get stronger.
And since bitcoin payments can be tracked, .. let them use Bitcoin. It'll help governments understand that Bitcoin is not that bad after all.

I remember wannacry in 2017, Bitcoin also reached ATH at the end of 2017. Hacking companies over a computer network is also a way to promote Bitcoin to people around the world.
Bitcoin is a global currency and it needs more attention.
In data attacks that require payment in Bitcoin, the problem is not with Bitcoin because it is only a payment unit. The problem lies in how to set up the data encryption protocol to blackmail, so that's the job of cybersecurity organizations. We should not blame Bitcoin.

still remember when North Korea built a cyber team under the auspices of the government to hack and raise funds in addition to their military power funds. In my opinion, this pattern is almost the same and there is a possibility that asking for payment with crypto is obviously very difficult to detect because of the very strong anonymity.

As for the last impact, namely the mass ban, I strongly disagree. so back to the policies they found from the hackers.

when actually hackers take advantage of the anonymity of crypto, then those of us who don't care will be affected?
Isn't that policy overkill? generalize in its entirety without incriminating evidence?

Well Internet and data storage could also just require government qualification/certification in order to be safely stored.

Private peoples data capable of being encrypted by a hacker is also capable of being cloned to an attacker's machine - this should be the focus.

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.

Don't be too worried, banning bitcoin because of bitcoin it would be like banning fiat money because of drug dealers. Ransomware will not kill bitcoin, relax.
Average people approach to cyber security is basically meaningless and we can expect this phenomenon only to grow in the coming years.
Bitcoin-wise, again, don't worry too much. Nothing to see here.

If the white hats found a way to counter the black hats and locate the money even in crypto, I am pretty sure that they can prevent the death of bitcoin. Also, it's not going to be an outright ban for the government just because it was used for cybercrime, I am sure that regulations will still be useful for this one.

I don’t think crypto space will be hampered with that kind of magnitude which will put it into complete ban. Hacking is one of the part of digital world. We created it and the loop holes will always be there.

Besides banning crypto based companies will focus on improving the security measures and may invest heavily in developing complex infrastructure.

Well, the amount of money involved in crypto is ever growing so they can literally develop anything.

Idk, if government is involved in such conspiracy or not but that may get expose very easily if someone just double bribe the hacker. 

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)