Bitcoin extortion cases continue despite repeated bans, perhaps because the government is "technical naive"

If the relevant government departments are willing to take the initiative to learn and understand cryptocurrency technology, then the criminals of Bitcoin extortion cases will not go unpunished.

Because Bitcoin transactions are traceable. Those who repeatedly emphasize the anonymity of Bitcoin actually know the least about this technology. These rumors are unfounded. So how should we catch criminals through Bitcoin transactions?

First, let's take an example. Jimmy installed a pirated game on his computer, but he didn't know that the installation package also contained ransomware. As a result, all the files on the computer were locked, including his father's work files. Since these files were quite important, Jimmy's parents decided to redeem them with $400 worth of Bitcoin.

So, they applied for an account on the Bitcoin exchange Coinbase to buy Bitcoins, and then transferred these Bitcoins to the criminal's Bitcoin address. This transaction was then recorded on the blockchain. The authorities can definitely monitor this Bitcoin address and track the whereabouts of the money through this address to find the criminal.

There will be two situations. The first situation: criminals use Bitcoin to buy certain goods, then they can track the specific store and arrest the criminals based on the store's KYC and the nature of the goods. If it is a physical product, the police can obtain the criminal's address, and if it is a digital product, the police can obtain the criminal's personal information and account information.

The second situation: criminals go to the exchange to exchange Bitcoin for legal currency. In this case, the problem is much simpler. The police can arrest the criminals by simply going to the exchange to ask about the criminals' bank accounts. Here, I suggest that exchanges should also establish a KYC system, especially for accounts with particularly large transaction amounts, so that the police can obtain more effective information.

According to this analysis, these cyber criminals who use ransomware to illegally obtain Bitcoin should not be "slippery". The government should reflect on the fact that these cases are not rampant because Bitcoin is dangerous. They cannot convict these criminals because they do not understand modern technology and Bitcoin technology, and these criminals happen to take advantage of their weaknesses.