Interrelationship between Bitcoin, Ransomware, and Terrorist Activities: Criminal Opportunity Assessment via Cyber-Routine Activities Theoretical Framework

Abstract

In recent years, a new form of cyber-extortion called ransomware is baffling the world with the speculation of connection to terrorist activities. Since cybercriminals usually demand their ransom using Bitcoin, Bitcoin has also become a part of this speculation. Unfortunately, however, all of the stories are based on anecdotal evidence. Therefore, the current study explores the dynamic properties of ransomware attacks, Bitcoin prices, and terrorist activities by connecting two opportunity-based theory frameworks: The Routine Activity Theory (RAT) and Cyber-Routine Activity Theory (Cyber-RAT). The findings of the study indicated unidirectional ties between the prevalence of ransomware and Bitcoin as well as ties between the prevalence of ransomware and terrorist activities. Several policies and prevention strategies from the overall findings of interrelated relations among three events are also presented.