Cybercriminals and digital assets go hand in hand with each other. Such is the conclusion drawn by the politicians and police after a series of large-scale cyber-attacks took place in succession. Eric Swalwell is a lawyer gone congressman who represents the Democratic Party. But, for the better part of the last few years, he has been a high-stakes person who is on the side of cryptocurrencies.

However, the incident of hacking of the ransomware attacks on Kaseya has changed his friendly stance completely. The congressman recently stated that rising hacking attempts are a matter of grave concern for national security and business stability. He called upon Congress leaders to consider the role of digital assets in such attacks and take action accordingly. 

Why is Cryptocurrency Becoming a Favorite Payment Method for Hackers and Cybercriminals?

Kaseya is an IT enterprise that is based in Miami. The tech giant recently felt pray to the notorious Russian hacking group called REvil. The ransomware injected by the hackers got into the main servers and spread throughout the globe with remote access software. Kaseya cyber-security team has recently asked more than 40K consumers to shut down the VSA servers.

According to the experts, hundreds of businesses in 17 countries around the world are infected by malware. Director of UK-based cybersecurity Firm, Mark Lamon, shared a screenshot of the system front end by the consumers that inform that hackers are demanding cryptocurrencies as payment to unlock the decrypted files. Hackers prefer getting paid in tokens like Monero because its ring signatures are impossible to trace back to the sender or receiver addresses.

The incident of the East Coast Fuel hacking shutdown is not a hidden matter. Hackers infiltrate the system without getting caught and sealed the fuel supply completely. There was no warning, and the best of US intelligence agencies were caught by surprise. The attacks were orchestrated by the internationally recognized hacking group called Dark Side.

The US authorities eventually had to pay off the hackers in cryptocurrencies. A massive amount of $4.4 million was wired in digital assets. However, the media was later informed that the government has been able to claim back a small portion of the ransom by possessing the private key of one of the receiver’s digital wallet addresses. Politicians like Swalwell, who accepted cryptocurrencies for his 2019 presidential campaign, have now converted into cynics and looking to impose a ban on them.