Bitcoin concerns rising as criminals cash in on cryptocurrencies


THREATS TO OUR PROSPERITY IN THE NEW YEAR. CLIFF MAY GOOD TO SEE YOU THANK YOU. TO SOUTH KOREA, BITCOIN TAKING AFTER SOUTH KOREA WHERE MAJOR BITCOIN TRADING HAPPENS. SOUTH KOREA SAID IT WANTS TO CRACK DOWN ON SPECULATION BY SHUTTING DOWN SOME CRYPTOCURRENCY EXCHANGES. WELL GOVERNMENTS ARE CONCERNED ABOUT THE VOLATILITY OF THE SECURITY EXPERTS ARE FOCUSED ON HACKERS ESPECIALLY IF THEY NOW PRESIDENT AND CEO, PATRICK M LAUREN: YOU OFFER CYBERSECURITY SECTOR. SO YOU’RE WORRIED ABOUT THE HACK THE FOCUS ON BITCOIN OVER THE LAST FEW MONTHS AS THE PRICE HAS INCREASED DRAMATICALLY AND GOVERNMENTS NOW TRYING TO FIGURE OUT HOW DO I REGULATE THAT IS AN OUTCOME OF WHAT’S HAPPENED WITH THE ATTACKERS OUT THERE USING BITCOIN AS THE PRIMARY CURRENCY TO REMAIN ANONYMOUS AND BE ABLE TO DRIVE BILLIONS OF DOLLARS IN ILLEGAL CRIMINAL ACTIVITY. BITCOIN IS BEHIND THAT. BITCOIN IS NOT INHERENTLY BAD YEAR ALONE, WE THINK THAT NUMBER IS GOING TO BE ABOUT $5 BILLION IN CYBERATTACKS DRIVEN BY RANSOMWARE AND BITCOIN IS THE CURRENCY THAT’S BEING USED TO PAY THOSE RANSOMS OFF. LAUREN: YEAH RANSOM ATTACKS WERE VERY MUCH A THEME WITH ALL OF THE HACK ATTACKS THAT WE SAW IN 2017 AND I SEE THEY’RE CONTINUING IN 2018 BUT DO YOU THINK YOU CAN MAKE THE ARGUMENT FROM THE VOLATILITY DOWN IN THE CRYPTOCURRENCY MARKET?>>WELL, WE THINK THERE’S A DIRECT CORRELATION. IF YOU LOOK AT THE RANSOMWARE ECONOMY AND WHAT’S HAPPENED OVER THE LAST YEAR, TWO YEARS AGO, RANSOMWARE AS ABOUT A $25 MILLION BUSINESS ACCORDING TO THE FBI. FAST FORWARD 24 MONTHS AND IT’S A $5 BILLION INDUSTRY AND SO OBVIOUSLY, THAT KIND OF GROWTH INVESTORS WOULD LOVE TO PARTICIPATE IN AND CRIMINALS ARE PARTICIPATING IN IT VERY ACTIVELY AND AS BITCOIN GETS THAT THERE’S A CORRELATION THERE BETWEEN THAT AND THE FACT THAT AS A CURRENCY ITS BECOMING MORE NOW CONSUMERS WHO ARE SPECULAT ING ON IT ET CETERA GETTING IN ON IT BUT BEHIND THE SCENES, THERE’S A WHOLE ECONOMY AROUND THIS THAT HAS DEVELOPED THAT MOST PEOPLE ACTUALLY HAVE LOOKING AT THE CRYPTOCURRENCY RELATED STOCK. REMINDS ME OF 1999-2000 THE DOT COM BUBBLE RIGHT? THE NASDAC MANIA. WE’RE SEEING SHARP REACTIONS FROM RELATED COMPANIES IN THIS BITCOIN STORY.>>WELL AND I THINK THE REASON FOR THAT MAKES A LOT OF SENSE. THE REASON THAT BITCOIN IS BEING USED AS THE CURRENCY OF CHOICE FOR ATTACKERS IS BECAUSE IT ALLOWS THEM TO REMAIN ANONYMOUS AND OVER THE LAST COUPLE OF YEARS, THIS INDUSTRY THAT’S BEEN BUILT PROVIDES SERVICES THAT ALLOW YOU IF YOU’RE NOT A HACKER , YOU’RE NOT A CRIMINAL,

25 Comments

Add a Comment

Your email address will not be published. Required fields are marked *