Crypto Crime Contention Answers

Bitcoin has not been stolen from an exchange

Jacques Chirac, 10-29, 21, Why Are Countries Adapting To Bitcoin?, https://bitcoinmagazine.com/culture/why-are-countries-adapting-to-bitcoin Furthermore, bitcoin transfers are instantaneous, bypassing the hassle of usual permission methods and delivery times. Bitcoin transactions are entirely safe. Bitcoin is not physical money. As a result, robbers will be unable to physically steal it. Hackers may steal a person's cryptocurrency if they have access to the wallet's private keys. However, stealing bitcoin is theoretically impossible with adequate protection and industry-standard practices. While there have been many other allegations of cryptocurrency exchange hacks, bitcoin transactions have remained unaffected.

Ransomware predated crypto

JP Schnapper-Casteras is a nonresident senior fellow at the Atlantic Council’s GeoEconomics Center and a practicing attorney, May 27, 2021, https://www.atlanticcouncil.org/blogs/new-atlanticist/banning-bitcoin-is-a-bad-idea/, Banning Bitcoin is a bad idea The Colonial Pipeline hack has raised new questions about whether banning Bitcoin could help defuse the global ransomware problem, but ransomware predated the adoption of cryptocurrency. For example, in 1989 a large-scale ransomware attack against scientists required them to send a cashier’s check or money order to a P.O. box in Panama. People sometimes do bad things with paper cash, including using it for ransom payments. Rather than attempting to prohibit the latest medium of exchange, it would be better to step up corporate- and national-level cyber defenses. Crypto ransom payments are not totally untraceable either: An analytics company that works with law enforcement has already managed to start tracking the Colonial Pipeline payment. Try that with a pile of Benjamins.

US issuing regulations to stop crypto from being used for crime

Matthew Brown, Can the White House stop cryptocurrencies being used for cybercrime Arab News, October 9, 2021, https://www.arabnews.com/node/1944491/business-economy LONDON: The White House is considering how it can regulate cryptocurrencies so they are not used to facilitate ransomware attacks and other cybercrime. The National Security Council and the National Economic Council, forums through which the president consults and makes policy decisions, are working with other agencies to "ensure that cryptocurrency and other digital assets are not used to prop up bad actors," a White House spokeswoman said on Saturday. The oversight could include an executive order, Bloomberg News reported on Thursday, although that was not confirmed by the spokeswoman. Cyber criminals often demand that ransoms are paid in cryptocurrencies, so they are harder to trace. There were an estimated 304 million ransomware attacks globally in 2020, with 68.5 percent of companies the subject of an attack, according to data from Statistica. The FBI was informed of almost 2,500 ransomware attacks last year, which cost the victims about $29.1 million, up more than 200 percent from the previous year. It is not the first rumblings of firmer action from the US.

Crypto not responsible for cybercrime

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