Extinguish the Ransomware Fire: Remove the Bitcoin Oxygen
We will be there!
12 July 2022
Event by Canadian Cyber Forum
By providing a means of payment, the value of cryptocurrencies facilitates ransomware attacks. If the value of crypto disappeared, payment would be more difficult and, thus, the financial incentive for ransomware attacks reduced. Bitcoin is rarely used for legal purchases of goods or services. The price of various crypto are highly correlated. Bitcoin and almost all other crypto are almost exclusively used for speculative trading. Therefore, crypto is arguably a game “subject to chance” which should be investigated for compliance with federal and state gambling laws. See, for example, the USA federal Unlawful Internet Gambling Enforcement Act (2006) which bans all payments respecting unlawful games subject to chance. Exemptions are made for games listed in the Act, which include the regulated financial markets. The Act pre-dated crypto and crypto is not listed. Enforcement of such gambling laws may result in the value of crypto to collapse. Payment for ransomware attacks would, thus, be hindered, resulting in a decline in financially motivated ransomware attacks.