Bitcoin passes the ransom test

In 2017, one of the biggest ransomware attacks called WannaCry demanded payment in bitcoin from more than 200,000 victims. A year later, more than half of such breaches demanded bitcoin, according to cybersecurity firm PurpleSec.

The market value of all the bitcoin in circulation, totaling almost 19 million, surpassed $1 trillion for the first time in February.

Last year, National Football League player Russell Okung became the first in the sport to have at least part of his salary paid in bitcoin.

The asset itself isn’t regulated so no personal information is needed to transfer or convert cryptocurrencies, though watchdogs are increasingly scrutinizing related digital exchanges and payments services.

Because cryptocurrencies aren’t bound by such measures, it’s used in nefarious schemes, financing terrorism and other illicit activity.

– Colonial Pipeline paid hackers nearly $5 million worth of bitcoins on May 7 to restore disabled computer networks, Bloomberg reported on May 13.

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