Explained: How cryptocurrency turbocharged the cybercrime racket

Cyberattacks using ransomware are incre­asing in frequency, and ransom payments made to the hackers are swelling as well. Cryptocurrency and the exchanges where digital currency can be traded anony­mously have emerged as key tools for the cyber extortionists. The vast sums being paid by corporations to regain control of their computers would have been near-impossible to move in any other legitimate currency market, experts say.

How is crypto used in cybercrime?

A typical ransomware attack on a company or organisation might proceed like this: Executives realise their business website is down or systems inaccessible, and administrator overrides don’t work. A ransom demand