The volatility of Bitcoin cryptomoney is causing cybercriminals to start using Monero in their ransomwares claims.
According to Europol's 2017 Internet Organized Crime Threat Assessment (IOCTA) report,"Cryptomoney continues to be exploited by cybercriminals, Bitcoin being the currency of choice in criminal markets, and as payment for extortion attempts related to cyberspace, such as ransomware or a DDoS attack. However, other cryptomonedas such as Monero, Ethereum and Zcash are gaining popularity within the digital subsoil.
The introduction of cryptomoney as a decentralized payment method dates back to 2009, with the birth of Bitcoin. This digital system, based on the chain of blocks, soon captivated cybercriminals who began to use it as a currency of exchange for crimes committed through the dark network, as it did not belong to any government and encouraged the anonymity of the transaction.
Although Bitcoin soon became the quintessential digital currency for financial movements, its terrain is still cumbersome and debatable, as its framework is not regulated by any law except that of supply and demand.
Since its appearance, cryptomonedas have been emerging that have been born with different characteristics, according to the intended use: Litecoin, Primecoin, Namecoin, Ripple, Dogecoin, Ethereum, among others.
Bitcoin, Ethereum and Monero: the coins used in ransomwares
Companies are not free to be caught in a ransomware caused by computer scammers who can access computers through attachments in emails or infected web pages.
Victims of ransomware, the cyber-crime attack that restricts access to a system and requires ransom payment, are now beginning to pay with Monero.
While it was common for victims to have to pay with Bitcoin cryptomontage or Ethereum, recent registered crimes, such as Kirk Ransomware's, show that the new trend to pay for unblocking is the Monero crypto-coin, in order to recover the computer domain and access to files.
Against Bitcoin, Monero is safer as a cryptomoney for the anonymity of cybercriminals, because it works without transaction history. Although both cryptomonths are based on blockhain technology, Monero does not reveal the sender, receiver or actual amount of payment made.
Monero's absolute privacy is due to the fact that it includes ring signatures technology; where the actual cryptographic signature is intertwined with other false signatures in such a way that it is impossible to discover except for the two parties involved in the transaction.