{"id":26341,"date":"2017-09-12T15:21:33","date_gmt":"2017-09-12T15:21:33","guid":{"rendered":"https:\/\/one.sightlinemg.com\/c4isrnet\/uncategorized\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/"},"modified":"2026-08-08T18:18:30","modified_gmt":"2026-08-08T18:18:30","slug":"are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/","title":{"rendered":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">When malicious software takes over <a href=\"http:\/\/metro.co.uk\/2017\/06\/27\/cyber-attack-similar-to-wannacry-virus-hits-companies-and-airports-in-europe-6738752\/\">computers around the world<\/a>, <a href=\"https:\/\/www.symantec.com\/connect\/blogs\/petya-ransomware-outbreak-here-s-what-you-need-know\">encrypts their data<\/a> and demands a ransom to decode the information, regular <a href=\"https:\/\/www.reuters.com\/article\/us-ukraine-cyber-attacks-deputypm-idUSKBN19I1P8\">activities of governments<\/a>, <a href=\"http:\/\/www.wired.co.uk\/article\/petya-malware-ransomware-attack-outbreak-june-2017\">companies <\/a>and <a href=\"http:\/\/money.cnn.com\/2017\/05\/16\/technology\/hospitals-vulnerable-wannacry-ransomware\/index.html\">hospitals <\/a>slam to a halt. Sometimes security researchers release a fix that allows computer owners to <a href=\"https:\/\/noransom.kaspersky.com\/\">decrypt their machines without paying<\/a>, but many people are forced to pony up to free their data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2016, the FBI estimated that the <a href=\"https:\/\/news.vice.com\/story\/ransomware-how-hackers-make-you-pay\">ransomware industry took in US$1 billion<\/a> \u2013 and that\u2019s only the cases <a href=\"https:\/\/doi.org\/10.1109\/MSP.2006.27\">officials know about<\/a>. All that money isn\u2019t paid in cash. Before digital currencies existed, extortionists asked victims to send money by more formal transfer companies like Western Union or make deposits to bank accounts. Those were easily traced. Today, ransomware attacks demand payment in bitcoin and its ilk, systems praised by supporters for their transaction speed and <a href=\"https:\/\/qz.com\/1028936\/watch-these-bitcoin-ransom-payments-get-lost-in-the-expanse-of-the-blockchain\/\">protection of users\u2019 anonymity<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the <a href=\"https:\/\/link.springer.com\/book\/10.1057\/9781137021946\">biggest challenge that cybercriminals face<\/a>. In this regard, diffusion of cryptocurrencies is a major development that enables cybercriminals to achieve their goals. In fact, the escalation of ransomware attacks and the increasing prominence of cryptocurrencies may be connected. Some companies have invested in bitcoin and other cryptocurrencies specifically so they can <a href=\"https:\/\/www.technologyreview.com\/s\/601643\/companies-are-stockpiling-bitcoin-to-pay-off-cybercriminals\/\">pay extortionists if it ever becomes necessary<\/a>. That helps contribute to the rapid growth in use and value of e-currencies. And as digital currencies become more common, ransomware attackers will have an easier time hiding their illicit transactions among the growing crowd of legitimate transfers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Using cryptocurrencies in cyber extortion<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The extortionists behind most ransomware attacks demand payments in bitcoin, the most popular cryptocurrency. The WannaCry attackers demanded <a href=\"https:\/\/www.theguardian.com\/technology\/2017\/may\/15\/dont-pay-ransomware-demands-cybersecurity-experts-say-wannacry\">between $300 and $600<\/a> per computer; the Petya ransomware <a href=\"https:\/\/www.cnbc.com\/2017\/06\/28\/ransomware-cyberattack-petya-bitcoin-payment.html\">wanted $300 in bitcoins<\/a> before providing a code that would let victims decrypt their data. Not many people actually pay, though: WannaCry victims paid only <a href=\"https:\/\/www.elliptic.co\/wannacry\/\">about $241,000 in bitcoins to the extortionists<\/a>. If everyone infected had paid, the criminals would have received at least $60 million. It translated to a payout rate of 0.4 percent. Even fewer paid the Petya perpetrators: They got <a href=\"https:\/\/blockchain.info\/address\/1Mz7153HMuxXTuR2R1t78mGSdzaAtNbBWX?sort=0\">just 66 payments<\/a>, totaling barely over 4 bitcoins, or about $18,200.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other attacks are more successful: In June, a ransomware attack hit <a href=\"https:\/\/www.theregister.co.uk\/2017\/06\/20\/south_korean_webhost_nayana_pays_ransom\/\">more than 150 servers<\/a> owned by South Korean web hosting firm Nayana. More than 3,400 of the company\u2019s customers were affected \u2013 mostly small businesses running their websites on Nayana\u2019s equipment. Nayana itself stepped up, taking loans to <a href=\"http:\/\/www.inforisktoday.com\/south-korean-hosting-firm-pays-1-million-ransom-a-10025\">cover a payment of more than $1 million<\/a> in bitcoins to the attackers, saying it had <a href=\"http:\/\/www.straitstimes.com\/asia\/asia-briefs-firms-15m-payout-to-hackers-criticised\">to save its clients\u2019 sites<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The attackers don\u2019t always need to make much money to be effective. Many cybersecurity researchers believe that Petya attacks were carried out <a href=\"https:\/\/www.wired.com\/story\/petya-ransomware-ukraine\/\">with political motives<\/a> rather than for financial gains. But ransomware has a much higher payout rate than other common cybercrimes. One study found that for every 12.5 million spam emails sent promoting a fake online pharmacy, the <a href=\"https:\/\/doi.org\/10.1145\/1455770.1455774\">scammers got only one response<\/a>. That\u2019s a success rate of about 0.000008 percent. They make a lot of money \u2013 <a href=\"http:\/\/www.pcworld.com\/article\/153575\/viagra_spam_study.html\">up to $3.5 million a year<\/a> \u2013 only by sending out enormous numbers of messages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Trusting cyberthieves?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One reason cybercrime success rates are low is that victims don\u2019t trust the extortionists to <a href=\"https:\/\/www.nytimes.com\/2017\/05\/13\/world\/asia\/cyberattacks-online-security-.html\">actually unlock their data<\/a> once they get paid. In 2016, about a quarter of the organizations that paid ransoms were <a href=\"http:\/\/economictimes.indiatimes.com\/small-biz\/money\/indian-companies-wannacry-over-bitcoin-payments-too\/articleshow\/58709798.cms\">not able to recover their data<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The WannaCry attackers were particularly bad: Their system was labor-intensive, requiring the criminals to manually connect payments with encrypted files before letting victims decode them. In fact, <a href=\"http:\/\/www.economist.com\/news\/science-and-technology\/21722158-it-has-been-neglected-too-long-wannacry-should-make-people-treat-cyber-crime\">a flaw in the WannaCry attack<\/a> software made it almost impossible to decrypt a paying victim\u2019s data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More sophisticated methods do exist, including those that incorporate what are called \u201c<a href=\"https:\/\/dx.doi.org\/10.1007\/978-3-662-53357-4_6\">smart contracts<\/a>,\u201d another aspect of some cryptocurrency systems that runs a particular program as part of completing a transaction. In those ransomware attacks, making payment <a href=\"https:\/\/qz.com\/985093\/inside-the-digital-heist-that-terrorized-the-world-and-made-less-than-100k\/\">automatically releases the information<\/a> a victim needs to decrypt and recover hijacked files.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Preparing for future ransomware<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fear of ransomware is growing. In mid-2016, a study found that <a href=\"http:\/\/www.financemagnates.com\/cryptocurrency\/news\/33-of-uk-firms-are-buying-bitcoin-in-anticipation-for-cyber-attacks\/\">one-third of British firms<\/a> had bought bitcoins just in case they needed to pay off ransomware attackers. More than 35 percent of large firms, those with more than 2,000 employees, reported being <a href=\"http:\/\/www.financemagnates.com\/cryptocurrency\/news\/33-of-uk-firms-are-buying-bitcoin-in-anticipation-for-cyber-attacks\/\">willing to pay as much as $65,000<\/a> to unlock critical files. Even <a href=\"https:\/\/www.technologyreview.com\/s\/601643\/companies-are-stockpiling-bitcoin-to-pay-off-cybercriminals\/\">Cornell University was reportedto be stockpiling bitcoins<\/a> in case of a future ransomware attack.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, bitcoin and other similar systems are becoming much more popular. In 2016, the total value of all cryptocurrencies was <a href=\"https:\/\/dailyfintech.com\/2016\/01\/14\/what-does-the-future-hold-for-blockchain-and-insurance\/\">0.025 percent of the world\u2019s GDP<\/a>. By August 2017, that number had increased more than eight-fold, <a href=\"https:\/\/cointelegraph.com\/news\/cryptocurrency-market-cap-reaches-record-161-bln-investments-flow\">to 0.21 percent of global GDP \u2013 about $162 billion<\/a>. The World Economic Forum projects cryptocurrencies will hold <a href=\"http:\/\/www3.weforum.org\/docs\/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf\">10 percent of global GDP by 2027<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These cycles are self-reinforcing: The more transactions there are involving cryptocurrencies, the harder it will be to <a href=\"https:\/\/qz.com\/1028936\/watch-these-bitcoin-ransom-payments-get-lost-in-the-expanse-of-the-blockchain\/\">trace where the money is going<\/a>. As a result, cybercriminals will use cryptocurrencies more often \u2013 forcing their victims (and even potential targets) to invest in cryptocurrencies, too.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><i><a href=\"http:\/\/theconversation.com\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-80115\">This article was originally published on The Conversation.<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.<\/p>\n","protected":false},"author":7,"featured_media":69379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":10,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[10],"tags":[],"coauthors":[7621],"class_list":["post-26341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyber"],"acf":{"subheadline":"","legacy_arc_id":"CD7PPEEYBBCK3PWEP3NZCYUU4Q","arc_canonical_url":"\/opinion\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary] - C4ISRNet<\/title>\n<meta name=\"description\" content=\"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]\" \/>\n<meta property=\"og:description\" content=\"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/\" \/>\n<meta property=\"og:site_name\" content=\"C4ISRNet\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-12T15:21:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-08T18:18:30+00:00\" \/>\n<meta name=\"author\" content=\"Nir Kshetri, University of North Carolina \u2013 Greensboro\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nir Kshetri, University of North Carolina \u2013 Greensboro\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"migration\",\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#\\\/schema\\\/person\\\/cc76c831bb37a926738c8391fca7a3b1\"\n\t            },\n\t            \"headline\": \"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]\",\n\t            \"datePublished\": \"2017-09-12T15:21:33+00:00\",\n\t            \"dateModified\": \"2026-08-08T18:18:30+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/\"\n\t            },\n\t            \"wordCount\": 838,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/file-20170908-32268-1xlgj20.jpg.jpg\",\n\t            \"articleSection\": [\n\t                \"Cyber\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/\",\n\t            \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/\",\n\t            \"name\": \"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary] - C4ISRNet\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/file-20170908-32268-1xlgj20.jpg.jpg\",\n\t            \"datePublished\": \"2017-09-12T15:21:33+00:00\",\n\t            \"dateModified\": \"2026-08-08T18:18:30+00:00\",\n\t            \"description\": \"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.\",\n\t            \"breadcrumb\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#breadcrumb\"\n\t            },\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/file-20170908-32268-1xlgj20.jpg.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/file-20170908-32268-1xlgj20.jpg.jpg\"\n\t        },\n\t        {\n\t            \"@type\": \"BreadcrumbList\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/2017\\\/09\\\/12\\\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\\\/#breadcrumb\",\n\t            \"itemListElement\": [\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 1,\n\t                    \"name\": \"Home\",\n\t                    \"item\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/\",\n\t                    \"ad_zone\": \"home\"\n\t                },\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 2,\n\t                    \"name\": \"Cyber\",\n\t                    \"item\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/cyber\\\/\",\n\t                    \"ad_zone\": \"cyber\"\n\t                },\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 3,\n\t                    \"name\": \"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]\"\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/\",\n\t            \"name\": \"C4ISRNet\",\n\t            \"description\": \"Media for the Intelligence-Age Military | C4ISRNET\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#organization\",\n\t            \"name\": \"C4ISRNet\",\n\t            \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/c4isrnet-logo-white.png\",\n\t                \"contentUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/c4isrnet-logo-white.png\",\n\t                \"caption\": \"C4ISRNet\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            }\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/#\\\/schema\\\/person\\\/cc76c831bb37a926738c8391fca7a3b1\",\n\t            \"name\": \"migration\",\n\t            \"image\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=gcf4cb6ee0ec29e49e7a963234e4340ec\",\n\t                \"url\": \"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=g\",\n\t                \"contentUrl\": \"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=g\",\n\t                \"caption\": \"migration\"\n\t            },\n\t            \"url\": \"https:\\\/\\\/one.sightlinemg.com\\\/c4isrnet\\\/author\\\/migration\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary] - C4ISRNet","description":"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]","og_description":"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.","og_url":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/","og_site_name":"C4ISRNet","article_published_time":"2017-09-12T15:21:33+00:00","article_modified_time":"2026-08-08T18:18:30+00:00","author":"Nir Kshetri, University of North Carolina \u2013 Greensboro","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nir Kshetri, University of North Carolina \u2013 Greensboro","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#article","isPartOf":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/"},"author":{"name":"migration","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#\/schema\/person\/cc76c831bb37a926738c8391fca7a3b1"},"headline":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]","datePublished":"2017-09-12T15:21:33+00:00","dateModified":"2026-08-08T18:18:30+00:00","mainEntityOfPage":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/"},"wordCount":838,"commentCount":0,"publisher":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#organization"},"image":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/file-20170908-32268-1xlgj20.jpg.jpg","articleSection":["Cyber"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/","url":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/","name":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary] - C4ISRNet","isPartOf":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#website"},"primaryImageOfPage":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#primaryimage"},"image":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/file-20170908-32268-1xlgj20.jpg.jpg","datePublished":"2017-09-12T15:21:33+00:00","dateModified":"2026-08-08T18:18:30+00:00","description":"In researching cybercrime and cybersecurity for more than a decade, I have found that obtaining cybercrime proceeds is often the biggest challenge that cybercriminals face.","breadcrumb":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#primaryimage","url":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/file-20170908-32268-1xlgj20.jpg.jpg","contentUrl":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/file-20170908-32268-1xlgj20.jpg.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2017\/09\/12\/are-cryptocurrencies-a-dream-come-true-for-cyber-extortionists-commentary\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/one.sightlinemg.com\/c4isrnet\/","ad_zone":"home"},{"@type":"ListItem","position":2,"name":"Cyber","item":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/","ad_zone":"cyber"},{"@type":"ListItem","position":3,"name":"Are cryptocurrencies a dream come true for cyber-extortionists? [Commentary]"}]},{"@type":"WebSite","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#website","url":"https:\/\/one.sightlinemg.com\/c4isrnet\/","name":"C4ISRNet","description":"Media for the Intelligence-Age Military | C4ISRNET","publisher":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/one.sightlinemg.com\/c4isrnet\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#organization","name":"C4ISRNet","url":"https:\/\/one.sightlinemg.com\/c4isrnet\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#\/schema\/logo\/image\/","url":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/06\/c4isrnet-logo-white.png","contentUrl":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/06\/c4isrnet-logo-white.png","caption":"C4ISRNet"},"image":{"@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/one.sightlinemg.com\/c4isrnet\/#\/schema\/person\/cc76c831bb37a926738c8391fca7a3b1","name":"migration","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=gcf4cb6ee0ec29e49e7a963234e4340ec","url":"https:\/\/secure.gravatar.com\/avatar\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9e8d47be443ce94ce7fc357677b5f9c70235bb1f59e7267a102a74af58c04f59?s=96&d=mm&r=g","caption":"migration"},"url":"https:\/\/one.sightlinemg.com\/c4isrnet\/author\/migration\/"}]}},"jetpack_sharing_enabled":true,"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"C4ISRNet","distributor_original_site_url":"https:\/\/one.sightlinemg.com\/c4isrnet","push-errors":false,"jetpack_featured_media_url":"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/file-20170908-32268-1xlgj20.jpg.jpg","_links":{"self":[{"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/posts\/26341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/comments?post=26341"}],"version-history":[{"count":1,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/posts\/26341\/revisions"}],"predecessor-version":[{"id":26344,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/posts\/26341\/revisions\/26344"}],"wp:attachment":[{"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/media?parent=26341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/categories?post=26341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/tags?post=26341"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/one.sightlinemg.com\/c4isrnet\/wp-json\/wp\/v2\/coauthors?post=26341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}