The US government is expanding its cryptocurrency analysis into a strategy to find and track criminal transactions. This is due to an increasing problem of ransomware with cryptocurrency like Bitcoin. “Fighting ransomware is a priority for the government,” said a White House spokesman.
US government expands cryptocurrency analysis
The Biden government unveiled its strategy to combat cryptocurrency ransomware in a press conference at the White House on Tuesday.
“Fighting ransomware is a priority for the government,” said Karine Jean-Pierre, deputy press secretary for the White House. “President Biden has already launched a quick strategic review to address the growing ransomware threat and incorporate four measures.”
Jean-Pierre described that one line of effort is aimed at “distributing ransomware infrastructure and actors who work closely with the private sector” while another focuses “on building an international coalition to hold countries accountable that house ransom handlers ”. Efforts are also being made to review USG’s “Ransomware Policy,” she confirmed, adding that another course of action is to:
Extension of cryptocurrency analysis to find and track criminal transactions.
The White House Assistant Secretary said the four efforts build on President Joe Biden’s Executive Order, which outlines “five high-priority cybersecurity initiatives that, if implemented, will reduce the risk of cyberattacks, including ransomware.”
Ransomware attacks are increasing worldwide. In the United States, several large companies have recently been hit by ransomware that requires payments in Bitcoin. JBS, the world’s largest meat producer, has reportedly been involved in an “organized cybersecurity attack” since late May.
The Colonial Pipeline, which supplies the east coast with almost half of its fuel needs, was also shut down for several days in May when a ransomware attack paralyzed some of its systems. The pipeline was back online in less than a week, but the company admitted it paid a million dollar ransom in Bitcoin.
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