The singular reason why these [now-frequent ransomware] attacks are even possible is due entirely to rise of cryptocurrency. Consider the same situation on top of the existing international banking system. Go to your local bank branch and try to wire transfer $200,000 to an anonymous stranger in Russia and see how that works out. Modern ransomware could not exist without Bitcoin, it has poured gasoline on a fire we may not be able to put out.
When you create a loophole channel (however flawed) for parties to engage in illicit financing of anonymous entities beyond the control of law enforcement, it turns out a lot of shady businesses models that are otherwise prevented move from being impractical and risky to perversely incentivized….
This battle cannot and will not be won on the technology side alone. The tech industry can’t solve this. It requires legislation [limiting or prohibiting cryptocurrencies] and intervention in the financial system at only the level nation states can act.
(from The Oncoming Ransomware Storm by Stephen Diehl)
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