Zero day: a software bug that allows a hacker to break into your devices and move around undetected. One of the most coveted tools in a spy's arsenal, a zero day has the power to silently spy on your iPhone, dismantle the safety controls at a chemical plant, alter an election and shut down the electric grid (just ask Ukraine). For decades, under cover of classification levels and non-disclosure agreements, the United States government became the world’s dominant hoarder of zero days.

Over the last decade, a single innovation has massively fueled digital black markets: cryptocurrency. Crime lords inhabiting lawless corners of the internet have operated more freely—whether in drug dealing, money laundering, or human trafficking—than their analog counterparts could have ever dreamed of. By transacting not in dollars or pounds but in currencies with anonymous ledgers, overseen by no government, beholden to no bankers, these black marketeers have sought to rob law enforcement of their chief method of cracking down on illicit finance: following the money.

New Cold Wars—the latest from the Pulitzer Prize-winning journalist and bestselling author of The Perfect Weapon David E. Sanger—is a fast-paced account of America’s plunge into simultaneous confrontations with two very different adversaries. For years, the United States was confident that the newly democratic Russia and increasingly wealthy China could be lured into a Western-led order that promised prosperity and relative peace—so long as they agreed to Washington’s terms. By the time America emerged from the age of terrorism, it was clear that this had been a fantasy.

In 2014, the world witnessed the start of a mysterious series of cyberattacks. Targeting American utility companies, NATO, and electric grids in Eastern Europe, the strikes grew ever more brazen. They culminated in the summer of 2017, when the malware known as NotPetya was unleashed, penetrating, disrupting, and paralyzing some of the world's largest businesses—from drug manufacturers to software developers to shipping companies. At the attack's epicenter in Ukraine, ATMs froze. The railway and postal systems shut down. Hospitals went dark.

The virus now known as Stuxnet was unlike any other piece of malware built before: Rather than simply hijacking targeted computers or stealing information from them, it proved that a piece of code could escape the digital realm and wreak actual, physical destruction—in this case, on an Iranian nuclear facility.