Why Are The Russian Hackers Using Bitcoin To Fund Election Interference?

Culprits are seeing Bitcoin payments a way to fund their nefarious activities. How can it be brought under the law? Read on.

The Russians Were Indicted For Hacking The DNC 

Recently in the Bitcoin mining world, among other things, the indictment filed against 12 Russians accused of hacking the DNC and undermining Hillary Clinton’s campaign notes that the alleged hackers paid for their nefarious deeds with bitcoin as well as other cryptocurrencies as the unsavory application of one tech currently is almost certainly wielded against it by opportunists of all stripes. 

It may be pointed out as perhaps that is the most popular and realistic argument against cryptocurrency whereby it enables anonymous transactions globally and as the scale with no exception made for Russian intelligence or ISIS. The news is prominent as controversial technology used to fund state-sponsored cyber-attacks that are not passed over by the critics.

What Is The Situation In Event Of The Hack?  

While everyone is expecting bluster on cable news, there are some sharp words from lawmakers probably issuing some kind of public denouncement of cryptocurrencies calling for more stringent regulation as the only natural constituencies hear that Russians are using Bitcoin to hack election systems to take it at face value as they surely have something to say. For several reasons, these kneejerk criticism is misguided and hypocritical.

The first one of those is that it’s not anonymous and mysterious as the critics make out with details in the indictment providing an interesting example far from the first, with limits of the cryptocurrency’s ability to obscure the users’ activities.

This, in turn, implies that the painstaking research of special investigators team has revealed approximate amounts and methods involved although there is a veneer of anonymity addressing not inherently tied to identities far from impossible to establish ownership. It is not that they didn’t try but as the indictment shows, 

The process of laundering is surely becoming difficult when there is an immutable peer maintained the record of every penny being pushed around. Whereas the smallest slipups in the teams' operational security are allowed investigators to tie, as an example an email address used to access a given bitcoin wallet with the one used to pay for a VPN. 

Throughout The World Why Is Bitcoin Used For Shady Transactions?

The current scenario is such that it is likely the very same distributed ledger technology allowing for anonymous international payments in the first place as also creating an invaluable investigative tool for those savvy enough to take advantage of it. This brings to the forefront although Bitcoin has a shady side, it’s far from perfect secrecy especially exposed to privileges of the federal investigative team. 

While though the second reason for the criticisms is hollow, it doesn’t provide much in the way of new capabilities where those who wish to keep secret their online activities. While the established methods are used by nation-states and garden variety hackers and criminals alike, it does minimize or eliminate the possibility of tracking .while performed at huge volumes money laundering worldwide and shady banks, loopholes and puppets organizations peppered across the globe.

Being convenient, cryptocurrencies are paying for things online as there are several vendors even though dwindling but they do exist accepting it straight as if one is not available reasonably liquid and can be shifted easily. The intelligence services are for sure making good use of it. 

The third and the last reason is that this FUD will be risible as we are addressing the problem of dark money influencing politics using Bitcoin for hacking activities that don’t even amount to rounding error with cynical prestidigitation making it appear more than such.

While it is surely topmost in many an American’s minds, the cash funneled through Super PACs as well as offshore accounts, backroom deals, and stock trades is the favorites for those who are seen as lobbyists as well as those corporate donators and together with 20 other forms of pay-for-play in Washington more clearly and present danger than a handful of those Russian operatives who have ineffectually been obscuring peanuts payments for the hosting fees and bribes.

Concluding Thoughts

The administration may perhaps prefer scripture as the question is why do you see the speck in your brother’s eye but do not notice the log in your eye? These indictments if any are evidence only that cryptocurrency is here to stay usable by you or me or a rival nation-state or our own similar to any other financial instrument. All these points to the level of security as displayed by the Bitcoin and also the many transactions being carried out world over. Does the cryptocurrency magic help the wrong people more than those who are trustworthy?

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