Do cybercriminals prefer Fiat or Bitcoin: the data is clear

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2024-09-03 20:30:06

Ransomware is often cited as a reason that “Bitcoin is used by cybercriminals”. It is true that Bitcoin is the preferred method of payment for ransomware criminals. However, it is also important to understand that

Note: Chainalysis puts the direct cost at just over 1Billion. However for an apples-for-apples comparison for other types of cybercrime we use the total estimated damages figure (including downtime, loss of business continuity). Estimates range, but $20Billion is a commonly quoted number

So in summary, there is a small subcategory of cybercrime where criminals prefer Bitcoin. For the other 99.67% of cybercrime: criminals prefer fiat.