Colin Mc Hugo

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Colin Mc Hugo
Security Engineer Manager & CEO at Quantum Infinite Solutions Group Ltd.
  • Residence:
    Dublin
  • County:
    Dublin
  • Country:
    Ireland
Cyber Security Incident Response
Management & Architecture of Cyber Security Teams
Solutions & Coaching
  • Cyber Security Incident Response
  • Management & Architecture of Cyber Security Teams
  • Solutions
  • Training & Coaching

Tracking ransomware cryptocurrency payments: What now for Bitcoin?

July 21, 2021

Ought to we count on cybercriminals to ditch the pseudonymous cryptocurrency for different types of cost that could be higher at throwing regulation enforcement off the scent?

Earlier this week, the Department of Justice announced it seized round $2.3 million value of bitcoin (BTC 63.7) collected within the BTC 75 cost for Colonial Pipeline ransomware. Does this imply Bitcoin is ‘hackable’ – given sufficient computation horsepower?

For years Bitcoin’s weaknesses (or strengths, relying in your standpoint) have been identified, but hardly ever come to the fore. However scammers received grasping, or the market simply determined for them. With public sentiment boiling, together with policymakers’ willingness to pursue these making an attempt to take management of important infrastructure, the urge for food to go after Bitcoin has resurfaced.

The issue is that Bitcoin is pseudonymous, however actually not nameless. Whereas it has first mover benefit and has retained loads of the residual community impact and associated worth, chinks within the reputed anonymity armor are coming into focus.

As the total, historic ledger is publicly accessible, analyzing site visitors patterns involving a given tackle makes it doable to match a standout cost sample to a selected Bitcoin tackle and chase down that rabbit gap to finally go after the true proprietor. Since sufficiently motivated events have had years of testing the idea, it was only a matter of time earlier than a goal of adequate significance surfaced to launch their weaponry.

Talking of weaponry, the Fed just lately elevated the severity rating of ransomware to that of terrorist exercise, extending the attain, mandate and price range of governmental efforts to trace down and eradicate it, even more and more abroad. If they’ll monitor it.

Years in the past different, extra privacy-oriented cryptocurrencies, equivalent to Monero, began to handle Bitcoin’s transaction transparency, implementing issues like ring-signatures and different technical defenses in opposition to traceability. However lots of them floundered of their capability to turn out to be traded extensively sufficient to seamlessly transact globally; that spot remained centered round Bitcoin, and later Ethereum.

However there are many others.

Whereas the ire surrounding outsized payouts from ransomware appears poised to proceed for a while, unhealthy actors appear extra more likely to more and more flee the Bitcoin platform for payouts. Of the 5,000-something options at the moment listed on one common buying and selling platform, others within the high ten appear poised to maneuver towards the highest spot, particularly in the event that they get anonymity proper.

It needed to occur.

As markets mature and customers need a extra full-featured and strong platform, renewed give attention to extra nameless options appears pure. All that was wanted was a tipping level. This can be it. Not that some instantaneous exodus amongst the digitally unscrupulous appears imminent, however count on ransomware gangs’ renewed give attention to various types of cost which might be higher at hiding their tracks.

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