Opinion: June 20, 2021. Bitcoin Does Not Make Corporations More Insecure in the Setting of Ransomware Rise

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Ransomware is on the rise. It is being used more frequently by hackers and online criminals in order to request money illegally. The advent of cryptocurrencies has given these criminals a way to avoid the banking system or to protect themselves from receiving cash.

Although the paying system has been simplified, a blockchain like the one hosting bitcoin, provides all the information necessary to track where the bitcoins have gone. In the latest event involving Colonial Pipeline, the assets have been mostly recovered.

In my opinion, if online criminals are going to use bitcoin to collect a ransom payment, they expose themselves to be captured by the authorities. It is the duty of law enforcement throughout the world to develop the necessary tools and to train the proper personnel to deal with this kind of crime, because the information will always be found in the blockchain.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.

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