What is this cyber attack everyone keeps talking about? In the past week, a group called WannaCry has become infamous for their malware cyberattacks on thousands of computers. Beginning in Asia and spreading to dozens of countries around the world, an infected computer will demand $300 in Bitcoin in order to restore it. The Bitcoin is to be paid to one of three wallet addresses. For some reason, this attack has shed some bad light on Bitcoin from the mainstream media. When really they should have exposed how the NSAs backdoor to technology that led to the hack in the first place but I digress. These hackers have somehow made over $80,000 in Bitcoin from ransom payments which absolutely blows my mind. But in my opinion these hackers are rookies at the Bitcoin game, and I am going to give you a couple reasons why.

Well for starters, the malware program demands payment to one of three addresses. In the Bitcoin algorithm, a virtually unlimited amount of addresses can be generated. If the hackers knew how Bitcoin worked they could have demanded every infected computer should pay a uniquely generated address. This would make the payments much harder to trace.

Another reason is because they probably did not think about how they were going to cash out all of that money. Considering the fact that the Bitcoin has been at a standstill in their wallet for days now, they are most likely trying to figure out how to put it onto an exchange. Unfortunately, many different exchanges such as Poloniex or Coinbase demand basic forms of identification to withdrawal large amount of money, meaning the authorities could track their location. Bitcoin transactions are what I’d like to call kinda sorta anonymous. You pay on a randomly generated wallet which hides your name and location but your wallet and transaction is displayed publicly on the blockchain. This is why ultra private Altcoins such as Monero have risen in popularity and battled privacy concerns, since transactions for this coin are private and not displayed on a public blockchain.

The third reason is that if the group was smart, they would know how to launder Bitcoin correctly. They would do what I’d like to call a drop, where all the stolen Bitcoin is put on many different exchanges and put into many different Altcoins. This will make the money be much harder to trace. Overall for all of these reasons I think these hackers are brilliant at hacking but new to the Bitcoin crime world. This in my opinion will either deter regular groups from hacking with Bitcoin as payment or it will teach smarter groups a lesson on what not to do when committing a crime involving Bitcoin. But what I know for certain is that as long as Bitcoin related crimes happen, the mainstream media will keep regarding Bitcoin as a scapegoat.

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