The Evolution of Cryptocurrency and Cyber Attacks

Abstract

Cryptocurrencies characteristics facilitated ran-somware attacks extorting payments in the form of Bitcoin, Mon-ero, Ethereum and others from individuals and organizations. The open cyber boarders allowed anyone to own cryptocurrency without revealing their identities. This research investigates the role of cryptocurrency in the increase of cyber attacks and creating the new phenomenon of crypto-ransomware and answer two fundamental questions: (1) Is there a correlation between the increase use of cryptocurrency and the spread of cyber attacks? And (2) Would ransomware attacks exist if cryptocurrency did not exist?.