Use of Cryptocurrency For Ransomware Payments Helping to Minimize Risk to Hackers

Requesting ransoms in cryptocurrency like Bitcoin and Monero gives cybercriminals a stateless, decentralized, and anonymized method of transferring funds. This makes payments easier to facilitate than a wire transfer or international payment in fiat currencies and reduces the risk of apprehension. Unlike bank accounts, crypto wallets can be anonymously created and accessed by anyone who holds the wallet’s private key, and use of multiple wallets to transfer funds allows cybercriminals to further cover their tracks.