Security News > 2021 > May > Double-Encrypting Ransomware

Most cryptocurrencies have been designed by technical geeks to replace just one specific type of value transfer system "Fiat money".

Put simply before we had the relatively modern banking system we have today there was a finaning system for traders that was in effect a trust system.

The old "Word of mouth" systems still exist in many forms, especially where either strong tradition, crime, or other patronage system is involved.

These systems keep no tracable records and whilst value moves around freely fiat money and the like does not, which makes tracing such networks and stopping them very very difficult.

The fact we can also move value from one local economy to another even though widely seperated generally does not upset the local churn because it is not a one way but two way system.

Smarter criminals have learnt the hard way over the years that "Patronage systems" can be a double edge sword.

News URL

https://www.schneier.com/blog/archives/2021/05/double-encrypting-ransomware.html