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The big corporate targets and the >1m ransoms aren't doable with gift cards. A large hospital chain in San Diego[1] last week was hit with a $100m[2] ransomwar

The big corporate targets and the >1m ransoms aren't doable with gift cards. A large hospital chain in San Diego[1] last week was hit with a $100m[2] ransomware attack that shut down the hospital. Can't pay that with gift cards. [1] - https://www.sandiegouniontribune.com/news/health/story/2021-05-10/nine-days-in-cyber-attack-continues-at-scripps-health https://www.sandiegouniontribune.com/news/health/story/2021-... [2] - Source internal said that was the ransom amount

dragontamer 5y ago
You'd ask for cash. A middleman would pick it up, convert it to gift cards or Tide laundry detergent (so that the traced cash would go cold) and then pass it forward through the criminal network. The middleman needs to be paid because it's high risk (cops would trace the cash to the middleman... but no further). So cryptocoin are way cheaper. But still, there's plenty of ways to do things using old school techniques.
- VectorLock 5y ago
  You also need to trust that your criminal middleman with $100M doesn't just abscond with your money. With cryptocurrency when its in your wallet, its yours, and the risk of relying on a 3rd party to transport your ill gotten gains is much lower.
  - dragontamer 5y ago
    I assume a money-laundering step (aka: a cryptocoin mixer service) needs to be used to practically extract wealth from a criminal activity. If you directly use the money from a wallet directly related to a ransomware attack, the police would be on your tail almost immediately. A cryptocoin mixing service is cheaper than traditional money laundering. So cryptocoins are the ideal solution to criminal activities (at least, better than Tide Laundry pod trading, or gift-card exchanges).
    - VectorLock 5y ago
      Some places the cops don't care. And $100M would be a lot of Tide pods.
      - dragontamer 5y ago
        > And $100M would be a lot of Tide pods. That's true. They'd probably launder through some other commodity: cocaine for instance, or other contraband. I know that Tide Detergent was highly sought after by criminals, because of how easy it is to sell on the streets. Its got a highly consistent price around the country, so all you need to do is sell at slightly below market rates and bam, your money-laundering scheme is complete. And unlike cash, Tide Detergent doesn't really have a serial-number that's tracked by the Secret Service (or other police organizations). So its better than cash in many respects. But its still an item that's in the ~$10 to $20 range at best. More expensive commodities and/or contraband probably would make better sense at the 100M sizes.
- IQunder130 5y ago
  And all of those techniques are orders of magnitude more difficult and risky than simply doing the transaction with crypto.

dragontamer 5y ago

You'd ask for cash. A middleman would pick it up, convert it to gift cards or Tide laundry detergent (so that the traced cash would go cold) and then pass it forward through the criminal network. The middleman needs to be paid because it's high risk (cops would trace the cash to the middleman... but no further). So cryptocoin are way cheaper. But still, there's plenty of ways to do things using old school techniques.

VectorLock 5y ago
You also need to trust that your criminal middleman with $100M doesn't just abscond with your money. With cryptocurrency when its in your wallet, its yours, and the risk of relying on a 3rd party to transport your ill gotten gains is much lower.
- dragontamer 5y ago
  I assume a money-laundering step (aka: a cryptocoin mixer service) needs to be used to practically extract wealth from a criminal activity. If you directly use the money from a wallet directly related to a ransomware attack, the police would be on your tail almost immediately. A cryptocoin mixing service is cheaper than traditional money laundering. So cryptocoins are the ideal solution to criminal activities (at least, better than Tide Laundry pod trading, or gift-card exchanges).
  - VectorLock 5y ago
    Some places the cops don't care. And $100M would be a lot of Tide pods.
    - dragontamer 5y ago
      > And $100M would be a lot of Tide pods. That's true. They'd probably launder through some other commodity: cocaine for instance, or other contraband. I know that Tide Detergent was highly sought after by criminals, because of how easy it is to sell on the streets. Its got a highly consistent price around the country, so all you need to do is sell at slightly below market rates and bam, your money-laundering scheme is complete. And unlike cash, Tide Detergent doesn't really have a serial-number that's tracked by the Secret Service (or other police organizations). So its better than cash in many respects. But its still an item that's in the ~$10 to $20 range at best. More expensive commodities and/or contraband probably would make better sense at the 100M sizes.
IQunder130 5y ago
And all of those techniques are orders of magnitude more difficult and risky than simply doing the transaction with crypto.