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Join the Cybersecurity and Incident Response Group on LinkedInRansomware Is the IRS of Bitcoin – WSJ
Like taxes, the forced use of bitcoin by victims of ransomware creates a need for at least some bitcoin. Ransom payers have to buy it from someone else, who either is in the energy-intensive business of mining it or speculates on its future value. So far, it hasn’t provided the foundation for broader adoption, not […]
The FBI’s seizing one bitcoin wallet won’t stop ransomware — but it’s a start
The FBI’s surprise announcement Monday that it had seized some of the ransom that Colonial Pipeline paid to criminal hackers came as a double shock. On one hand, it was major news that the U.S. government had flexed its cybersecurity muscles on behalf of the owner and operator of the country’s largest fuel pipeline, taking […]
Bitcoin Is Actually Traceable, Pipeline Investigation Shows – The New York Times
Criminals, often operating in hidden reaches of the internet, flocked to Bitcoin to do illicit business without revealing their names or locations. The digital currency quickly became as popular with drug dealers and tax evaders as it was with contrarian libertarians. But this week’s revelation that federal officials had recovered most of the Bitcoin ransom […]
The Ill-Fated Emergence of the Bitcoin Balance Sheet
This year MicroStrategy relished in a good problem to have – a half a billion dollars of cash in its bank account and not sure what to do with it. The company could have paid its shareholders a hefty dividend, bought back a truckload of its stock, invested in R&D, financed new acquisitions or pursued […]
As bitcoin soars, so do ransomware attacks. Is it time to ‘stop the madness?’ — bobsullivan.net
Which brings me to Bitcoin and other cryptocurrencies. The vast majority of ransomware gangs demand payment via cryptocurrency, which they favor for its anonymity and the way it enables cross-border payments. Since global law enforcement authorities seem powerless to stop the crypto crime gangs, is it time to stop the crypto? Source: As bitcoin soars, so do […]
Seven Alarming Thank You Notes to Bitcoin | LinkedIn
Presenting for your perusal a collection of alarming 2019 year-end thank you notes to bitcoin — a sort of holiday compendium of bitcoin love-letters, each followed by a brief discussion, with some final thoughts added at the end. In the comment section below, please feel free to write your own (or perhaps someone else’s) thank you […]
Hit by Ransomware Attack, Florida City Agrees to Pay Hackers $600,000 – The New York Times
Even large cities, however, have had to pay smaller ransoms than Riviera Beach. On Monday, the City Council unanimously agreed to have its insurance carrier pay the hackers 65 Bitcoin, a hard-to-trace digital currency, amounting to about $592,000. By making the payment, the City Council hopes to regain access to data encrypted in the cyberattack […]
CFTC Charges Patrick K. McDonnell and His Company CabbageTech, Corp. d/b/a Coin Drop Markets with Engaging in Fraudulent Virtual Currency Scheme
The Commodity Futures Trading Commission (CFTC) on January 18, 2018, filed a federal civil enforcement action in the U.S. District Court for the Eastern District of New York against Defendants Patrick K. McDonnell, of Staten Island, New York, and CabbageTech, Corp. d/b/a Coin Drop Markets (CDM), a New York corporation, charging them with fraud and […]
What Lawyers Need to Know About Blockchain – Slaw
As I am writing this, one bitcoin is traded at about USD$17,600. In 2013, bitcoin traded at about USD$100. I thought it was a scam at the time and did not buy any. Since then I’ve changed my mind and started thinking, writing, and building about and around bitcoin and other blockchain technologies. It helped […]
North Korean hackers’ attempts to steal bitcoin are a huge wake-up call—Commentary
The report, from cybersecurity firm FireEye, found three attacks against South Korean cryptocurrency exchanges traced to North Korean hackers between May and July of this year. “The ability of regimes like Kim Jong Un’s North Korea to mine or steal cryptocurrencies such as bitcoin is a new reason to be cautious in treating these commodities […]