FBI calls crypto ‘only game in town’ as ransomware flourishes

The FBI discourages companies from submitting to extortion because, it argues, the funds serve only to embolden bad actors and augment their capabilities. — DARWIN LAGANZON/Pixabay

Cryptocurrencies and deep-fake technology are sending chills throughout the US government, with cyber crooks embracing digital innovations so rapidly that law enforcement can barely keep up, according to the Federal Bureau of Investigation.

"Crypto is the primary currency, the primary vehicle, to facilitate extortion payments. It’s the only game in town,” Bryan Vorndran, assistant director of the FBI’s Cyber Division, said in a Bloomberg virtual panel discussion on cybersecurity Tuesday. "We all know the blockchain offers us some opportunities, but the ability to pay crypto, script it immediately into a tumbler, whether through an extortion payment or theft, is a huge, huge challenge for us.”