Both cryptocurrency and ransomware are nothing new in the digital world; both have been there for a very long time, which was enough for them to find common pieces for starting their relationship.
Ransomware can be like a virtual car that works on all types of fuels, and crypto is the one that is currently most recommended. No one can argue that 2020 was the year of ransomware in the cyber world, but it wasn’t due to the fact that cybercriminals chose ransomware just because they knew how to attack properly. It’s because of the fact that crypto rose mostly this year, along with the new normal of the digital world. It gave them a new cause to stick to ransomware, thanks to the anonymous payments that can be made using a cryptocurrency.
How does ransomware work?
Ransomware is a malware type that encrypts the victim’s files, whether it’s a random user or an organization, leading to denying them access to those files on their personal devices.
And the key to gaining access is to pay the ransom to the attacker.
How is cryptocurrency helping spread ransomware?
Now we all know that all crypto transactions are untraceable for both receiver and sender, which we call a whole anonymous transaction. The increased demand for crypto in recent years made it easier to buy and sell those virtual coins and get actual money.
With that being said, cryptocurrency became the most preferred way (if not the best) for cybercriminals to get their ransom without being traced and give those organizations access to their files.
images from Hacker News