Unfortunately, research has shown that the number of ransomware attacks has increased significantly in 2019. The payment method chosen primarily for illegal purchases is Bitcoin. And the question now is: Could fluctuations in the value of Bitcoin be linked to the increase in illegal purchases?
The US Department of State, public schools, hospitals, and businesses are increasingly falling victim to ransomware attacks. According to a study by Malwarebytes, there was a 363% year-on-year increase in the first half of 2019. Hackers use ransomware to encrypt files on victims' computers, and the encryption is of course done in exchange for a payment method.
A study by Emisoft showed that the average ransom increased by 89% to $12,762 in the first quarter of this year. It also added that bitcoin was used in 98% of all ransom payments.
Bitcoin is still the main payment method in these attacks, and there is a possibility that those who pay this way are increasing the demand for Bitcoin and consequently its price.
Additionally, Emisoft reported that the WannaCry attack, which infected more than 300,000 computers worldwide, had an impact on Bitcoin prices at the time. It also added that there appears to be a correlation between ransomware attacks and Bitcoin prices.
On the other hand, Cybersecurity professorAlan Woodward stressed that ransomware may not be involved in the price of bitcoin, as it is so volatile that many factors could be combined. One of these factors could be that companies expecting a ransomware attack may have already bought bitcoin to be ready. Which means it will affect its price.
