{"id":469350,"date":"2021-08-16T17:00:41","date_gmt":"2021-08-16T17:00:41","guid":{"rendered":"https:\/\/ktsl888.com\/?p=469350"},"modified":"2021-08-16T20:22:57","modified_gmt":"2021-08-16T20:22:57","slug":"monero-featured-in-last-week-tonight","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/monero-xmr\/monero-featured-in-last-week-tonight\/","title":{"rendered":"Monero Featured In Last Week Tonight, Essential Tool In “Ransomware Economy”?"},"content":{"rendered":"

Emmy award winner satirical show \u201cLast Week Tonight With John Oliver\u201d released a segment on ransomware attacks in the U.S. and their alleged main financial enablers, cryptocurrencies Bitcoin (BTC)<\/a> and Monero (XMR). This criminal activity has been on the rise in the U.S. and has been caused by concerns from authorities and the public.<\/p>\n

The segment begins with a review of some of the most important ransomware attacks recently perpetrated by hackers groups allegedly based in Russia and other safe-haven countries<\/a>. \u00a0Attributed to hacker group REvil and The DarkSide, these bad actors supposedly took over the company Colonial Pipeline.<\/p>\n

Responsible for overseen 45% of the U.S. east coast fuel, hackers took over the main computers and demanded to be paid in Bitcoin. This droved many inhabitants of the regions to chaos, attracting more attention to an issue already affecting everyday citizens, the report by Last Week Tonight presented several examples.<\/p>\n

Data presented by the show claimed that revenues from ransomware attacks paid in Bitcoin, Monero<\/a>, and other cryptocurrencies have \u201cquadruple\u201d during 2020. This metric stood at $350 million, according to \u201cundercount\u201d estimates, at that time.<\/p>\n

These types of attacks have been gaining traction due to platforms that offer \u201cransomware as a service\u201d, making it easy for anyone to acquire malware and used it for these purposes. In addition, the segment claimed that Bitcoin, Monero, and cryptocurrencies have<\/p>\n

(\u2026) Made it much easier to make money from ransomware and much more difficult for law enforcement to recover payment. If ransoms were paid in wire transfers, companies could find a way to claw that money back, but with cryptocurrencies is nearly impossible to undo.<\/p><\/blockquote>\n

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The Reply From The Monero Community<\/h2>\n

Later, the show\u2019s host presented a \u201cMonero ad\u201d implying that the cryptocurrency sponsors its use for criminal activities. The funds in XMR can be exchanged with the approval of the safe-haven states that support the hackers and \u201clook the other way so long as they do their work outside of their borders\u201d.<\/p>\n

A member of the Monero community Justin Ehrenhofer had an exchange via e-mail with the production team behind Last Week Tonight. Ehrenhofer clarifies that both Bitcoin and Monero are decentralized projects without \u201can official company or foundation\u201d.<\/p>\n

In addition, Ehrenhofer highlighted the importance of Monero as a tool to preserve people\u2019s right to transact with \u201cdigital cash\u201d, a tool that preserves their privacy. Comparing BTC and XMR, the community told Last Week Tonight that the latter is much more efficient at protecting a user\u2019s identity.<\/p>\n

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For reference, here is the email exchange between Last Week Tonight @LastWeekTonight<\/a> and me on Thursday\/Friday regarding Monero #monero<\/a> #xmr<\/a>: pic.twitter.com\/QFp3AQLr59<\/a><\/p>\n

— Justin Ehrenhofer \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@JEhrenhofer) August 16, 2021<\/a><\/p><\/blockquote>\n