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In 2020, ransomware was $29 million of $4.3 billion in online scams. Digital currencies were involved in $246 million of that $4.3 billion. The rest was wire tr
by sowbug 3y ago
In 2020, ransomware was $29 million of $4.3 billion in online scams. Digital currencies were involved in $246 million of that $4.3 billion. The rest was wire transfers, gift cards, checks, ACH, and cash. Perhaps we should ban those, too.
Blockchain analysis shows less than 1% of transactions are considered illicit.
Unless this data is wrong or misleading, then it stands to reason the approach you suggest won't make a difference.
https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pd...
https://www.chainalysis.com/blog/2024-crypto-crime-report-introduction/ https://www.chainalysis.com/blog/2024-crypto-crime-report-in...
- deleted 3y ago[deleted]
- fragmede 3y agoSpecifically, if the money is just as gone if the instructions are "wire 22 million to this Russian bank address" instead of "wire 22 million to this Bitcoin address".
- Gys 3y agoThe bitcoin option is far easier to implement for most of us (and there are more anonymous cryptos).
- fragmede 3y ago...did you just admit to being a ransomware author? My impression is that ransomware is run by organized crime with ties to Russia, and isn't the work of a small team, but, well, I don't know much about running a criminal ransomware organization. If you do, I'd love to hear more!
- jpambrun 3y ago2020 is ancient and the second link doesn't look impartial. Denying cryptocurrency facilitate criminal activities is as like denying the sky is blue.
- rnewme 3y agoSo does cash, gift cards etc. Should we ban everything? You can use regular banking for big operations as well. Should we ban that too then? But then nothing is left :)
- mynameisvlad 3y agoTry going to your bank (even as a business with a lot of liquid assets or even cash on hand) and tell them you want to send 22 million dollars to an account. Try going out and buying, then sending $22 million dollars worth of gift cards. Crypto clearly makes the whole process far quicker and more anonymous.
- jpambrun 3y agoI agree that gift cards are also overrepresented in frauds, bring little value to society and should be banned. Surely we can all agree that the benefit that cash bring still outweigh the wrongful use. When it's no longer the case I imagine it will be phased out too.
- rnewme 3y agoWell, the whole idea is that crypto is digital cash, and that we should strive to keep the state where positives outweigh negatives. Attempt to, at least
- squigz 3y agoFeel free to provide more recent and impartial data.