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Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Last night, the TV personality, businessman, president of the free world, Donald Trump took to twitter to blast Bitcoin, Facebooks Libra, and the entire asset class of cryptocurrencies.

The outspoken United States president said that the asset class is highly volatile, unregulated, based on thin air, and can facilitate unlawful behavior, including drug trade and other illegal activity. While Bitcoin is so many other things, not even 24 hours after the Presidents tweet, Bitcoin is being used at the center of a $2 million ransomware case involving a New York City college.

NY College Hit With Ransomware Day After Trumps Tweets of Illicit Bitcoin Usage

Federal policy makers have a sore spot when it comes to cryptocurrencies like Facebooks Libra and Bitcoin. They represent the biggest challenge against the governments stronghold over society afforded to them through their control of government-issued fiat currencies, such as the US dollar, Japanese yen, or the Swiss franc.

Governments also fear the anarchy it can bring due to the layer of pseudo -anonymity it offers individuals. These same qualities make crypto like catnip for cyber criminals according to on Google security researcher.

Related Reading | Google Security Expert: Crypto is Like Catnip for Cyber Criminals

Criminals use Bitcoin and other cryptocurrencies in an attempt to remain hidden digitally using the asset class, and is a vehicle for money laundering and other unlawful activities as Trump called it.

But Bitcoin and crypto get an unfair rep. Fiat currencies like the US dollar that Trump is championing is used in more crimes daily than nearly any other currency in the entire world, yet Trump isnt attacking his government-approved money.

Sadly, not even 24 hours later after Trump slamming Bitcoin for its use in crimes, Monroe College in New York City was hit with a massive ransomeware attack involving – you guessed it – Bitcoin.

The cyber criminals are demanding 170 Bitcoin, or roughly $2 million by todays prices. Bitcoin may be a futuristic emerging technology, but its use in this crime is setting the college back decades.

Related Reading | Pompliano: Trumps Tweet Puts Spotlight on Lack of Trust Bitcoin Solves

We know how to teach and educate without these tools, Monroe College spokesperson Jackie Ruegger said referencing that the college education must go on even if the entire campus computer system is locked down by the ransomware.

Ransomeware is a malware script thats sent to a computer network and attacking it, and locking out the actual owners from using their vital equipment. The issue is growing widespread, with more and more cases of the situation occurring on the regular at government offices and educators across the US.

Its reasons like these why Trump and other policy makers cant see Bitcoin for all the positive it brings, but because Bitcoin cannot be controlled, its always be free for anyone to do was they please with it – even commit crimes – and in a way thats the beauty of Bitcoin.

The post Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware appeared first on NewsBTC.

12.07.2019 / 15:00 63
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