Want to eliminate ransomware? Regulating Crypto Exchanges By Cointelegraph

Between July 2020 and June 2021 alone, ransomware activity spiked 1,070%, according to to a recent Fortinet (NASDAQ:) report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the predominant business model of the legitimate tech world, ransomware-as-a-service portals jumped up into the darkest corners of the web, institutionalizing the shadow industry and lowering the skill ceiling for would-be criminals. The trend should be alarm a wake-up call in the crypto ecosystem, especially since ransomware attackers have a knack for paying in crypto.

That said, the industry that was once a wild Wild West now assumes a more orderly framework. Slowly but surely seeping into the mainstream, it has now reached the point where some of the largest centralized exchanges (CEXs) are hiring high-level financial crime investigators to oversee their anti-money laundering efforts.

Lior Lamesh is the co-founder and CEO of GK8, a cybersecurity company that offers a self-managed end-to-end custody platform with true cold room and hot MPC capabilities for banks and financial institutions. Having honed his cyber skills within Israel’s elite cyber team reporting directly to the Prime Minister’s Office, Lior oversees GK8’s onsite hardware and software development.

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