Cryptocurrency

2024

Bitcoin

Impact

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ransomware-threats-and-the-impact-on-cryptocurrency-reputation/" data-wpel-link="internal">Ransomware Threats and the Impact on Cryptocurrency Reputation</a><br></p>
<p style="text-align: justify">Especially for those hearing about <a href="https://en.coin-turk.com/experts-warn-of-limited-bitcoin-price-reaction-to-spot-etf-approvals/" data-wpel-link="internal">Bitcoin</a> for the first time, their introduction a few years back was not a pleasant one. They were faced with ransomware at their company or business, being asked to pay with something called “BTC.” I remember the days in 2014 in Istanbul’s Şişli district when companies paid the <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a> to save their devices, reminiscent of the days when their dollar accounts were active.</p> 
<h2 style="text-align: justify" id="crypto-risks-ransomware-threats">Crypto Risks: Ransomware Threats</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong>‘s reputation in its early days was primarily damaged due to ransomware. The periods when BTC was most talked about worldwide could have been a few years ago during incidents like WannaCry. We’ve lived through days when devices around the world were taken over, and people had to pay to recover their data.</p> 
<p style="text-align: justify">Subsequently, many operations were conducted worldwide, and this (although it still happens) began to be forgotten. Thus, after the 2017-2018 period (while WannaCry, etc., were being forgotten), BTC’s role as a store of value became more prominent.</p> 
<p style="text-align: justify">Initially known for its philosophy, <strong>BTC</strong> later became known for ransomware and, more recently, as a store of value.</p> 
<h2 style="text-align: justify" id="2023-ransomware-attacks">2023 Ransomware Attacks</h2> 
<p style="text-align: justify">However, this could change, as it’s negative for <strong>cryptocurrencies</strong> because the damage to Bitcoin’s reputation is bad for all crypto. There are many politicians in the US Congress who already accept the idea that BTC is a tool for crime. Chainalysis’s 2024 “Crypto Crime Report” tells us about attacks affecting well-known brands like the BBC and British Airways.</p> 
<p style="text-align: justify">Annual ransom payments in 2023 reached an all-time high, exceeding 1 billion dollars. According to data from Recorded Future, last year 538 different ransomware targeted victims. The report also mentions that ransomware groups like CL0P focused on big game hunting.</p> 
<blockquote> 
 <p style="text-align: justify">“Cl0p exploited 0day security vulnerabilities that allowed it to extort a large number of wealthy victims en masse, which encouraged the operators of this type to adopt a data leak strategy instead of encryption.”</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-312357 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/Fidye-Geliri-Aklama.webp" alt="" width="1169" height="507"></p> 
<p style="text-align: justify">CL0P-type software represented 44.8% of the attacks in June and July 2023. In 2023, attackers used crypto bridges, underground exchanges, and mixers to launder ransomware revenues.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ransomware-threats-and-the-impact-on-cryptocurrency-reputation/" data-wpel-link="internal">Ransomware Threats and the Impact on Cryptocurrency Reputation</a></h5>

Ransomware Threats and the Impact on Cryptocurrency Reputation

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