 From prepaid cards to bitcoin: How did ransomware hackers adopt cryptocurrencies?Nori Katagiri Journal of Cyber Policy, 2024, vol. 9, issue 2, 239-255 Abstract: I explore how criminals use cryptocurrencies in ransomware operations and leverage the vulnerability of virtual currencies to evade legal restrictions and international scrutiny. I do so by examining three drivers of the ‘merger’ between ransomware and cryptocurrency. First, criminal groups have embraced cutting-edge technologies to make their attacks more effective and maximise benefits that cryptocurrency presents, which include the convenience of fast payment and money laundering and the ease of hacking the currencies themselves. Second, ransomware groups have exploited the legal vacuum in the widespread use of rapidly circulating monetary instruments. Finally, groups have adopted cryptocurrencies because states – primary regulators of international financial transactions – remain in such disagreement over the control of digital activities that they have failed to address problems associated with them. In sum, this article presents a set of technical, legal and political reasons why groups have incorporated crypto in their operations. Date: 2024 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:rcybxx:v:9:y:2024:i:2:p:239-255 Ordering information: This journal article can be ordered from DOI: 10.1080/23738871.2024.2435956 Access Statistics for this article Journal of Cyber Policy is currently edited by Emily Taylor More articles in Journal of Cyber Policy from Taylor & Francis Journals |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.