The same argument could be made for physical cash
1. Handle in large quantities. The ransom paid here was $1 million. With crypto, transferring that much is a few keystrokes. With cash, it's basically a large bag of cash that needs to be moved around.
2. Hold for ransom. Given point #1, kidnappers (of people and data) know that it's much easier to demand payment of large amounts in crypto than cash. If you kidnap a rich person in the crypto world, kidnappers know it's easy for him to sign over a very large amount of bitcoin quickly, which looks to be what happened here. Even for a very wealthy person, it's not logistically easy to get a million dollars in cash, never mind hand it over in a way that isn't a huge risk for the kidnappers.
3. Launder. Crypto tumblers are still a thing despite US government crackdown. Laundering cash with recorded serial numbers is much harder.
I'm not denying that crypto may have some legitimate uses, but it's basically a dream come true for criminals.
If criminals know somebody holds a significant amount of crypto, such as the CEO of a crypto company, they don't need to have them contact somebody else to withdraw and deliver a large amount of physical cash. They don't need to convince anyone they're serious. If the victim has their phone with them or can remember a password, then the criminals just have to coerce the victim into making a transfer.
Arguably, this isn't even really kidnapping in the traditional sense. It's high-tech mugging.
Owning a significant amount of crypto-currency and carrying the ability to make a transfer around in your head or pocket is basically the same as carrying a suitcase full of cash.
On the other hand, if your business was a scam and you needed to explain where $1 million went to...
There are many many ways for the wealthy to procure bitcoin with zero restrictions.
You're just explaining why crypto is becoming increasingly popular for businesses in general: the tech works.
2. "You're just explaining why crypto is becoming increasingly popular for businesses in general" Citation definitely needed. I used to see "pay with Bitcoin!" in a couple places online about 5-8 years ago. I never see it now, and hardly anyone I know, even big time "crypto people", actually use crypto to buy anything. Almost all the "uses" I hear are speculation or criminal uses. The only legitimate use I've actually seen is cross-border payments.
This was a $1mm ransom. The attraction of crypto isn't that it's easy to launder. It's that it's easy to steal. Beat a crypto bro on the head and you know you can effect a verifiable, irreversible transfer. Wiring money involves many more steps and has all kinds of reverse options.
only the bad ones. See XMR
It's not expensive.
Just look at all the movie plots that hinge on "ransom payment gone wrong" scenes, where the actual handing over of payment results in some kidnappers getting killed. With crypto, it just becomes "send a large amount of bitcoin to address X by date Y, otherwise we start shipping you various body parts of the kidnappee on dates Y+1, Y+2, etc." This dynamic is also the reason ransomware is so effective.
It's substantially harder to kidnap someone and force them to sell their business and then give the cash to you than it is to make them transfer their crypto. And realistically most people's wealth will be in a company or some shares, etc.
Die Hard inspired too many?
that's why people don't do that very often, or if they do they walk around with armed guards until they aren't holding that cash anymore.
All of the answers I can think of are criminal.
Almost everyone I know if fairly stable third world countries keep about half a month of expenses in cash even after digital payments are predominant.
Maybe it's my jaded European mindset, but - rich people have been a target since the dawn of civilization, flaunting wealth is a good way to attract attention from bad people.
I'm more concerned about locals finding out. That's why I don't talk about the cash I have on hand in my real life, ever.
I feel like that's relatively easy to do?
I don't understand what you mean with this.
And also, yes you can? I've purchased cattle (~100k) and vehicles (5-40k) with cash.
It's not insane and irresponsible. I legitimately do not understand your attitude with that. As long as you don't walk around with 100k in your hand waving it around, what's the danger? The world isn't as bad as the news would have you believe.
Also, Some people prefer doing business without involving electronics. I've bought things using cash, silver, canning jars, and baseball cards. I prefer to barter for goods and labor, but some people prefer cash. What's the problem with that?
Seems like you can?