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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware
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Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s 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 President’s 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 Facebook’s Libra and Bitcoin. They represent the biggest challenge against the government’s 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.

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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.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

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 isn’t 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 today’s prices. Bitcoin may be a futuristic emerging technology, but its use in this crime is setting the college back decades.

Related Reading | Pompliano: Trump’s 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 that’s 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.

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

Tags: bitcoincryptomonroe collegeransomwareTrump
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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