national security adviser Jake Sullivan said during this week’s virtual summit. Yet, ransomware remains a global problem, as U.S.
#Ransomware summit tighter global scrutiny crypto crack#
To top this all off, there are also rumors the Biden administration iseyeing an executive orderto crack down on the crypto industry. The State Department is evenincorporating cryptocurrency payments-to the tune of $10 million-to dark web informants that can identify any person who is participating “in malicious cyber activities against U.S. In August, the Biden administration also dusted off the State Department’s Rewards for Justice program-aninitiative from 1984that has paid over $150 million to over 100 informants that helped prevent acts of terrorism. The Biden administration also spent the summer setting up abespoke ransomware task force, aimed at combating cyberattacks and tracing cryptocurrency ransoms.Īnne Neuberger, deputy national security adviser said during an accompanying briefing that the administration is working on ways to quell the use of Bitcoin and other cryptocurrencies for illegal activities. We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities, the representatives reportedly. Ransomware activities-and their associated ties to cryptocurrencies-have become a major focus for the Biden administration’s national security agenda. Representatives from the European Union (EU) and 31 other countries met during a virtual summit this week to coordinate a global response to ransomware, per the Wall Street Journal. “We also recognize the challenges some jurisdictions face in developing frameworks and investigative capabilities to address the constantly evolving and highly distributed business operations involving virtual assets,” the representatives added. Ransomware groups, they said, can easily transfer any stolen funds to jurisdictions that aren’t up to scratch on tracking illicit transactions. The representatives also said that internationally coordinated scrutiny of cryptocurrencies would be integral to facing the ransomware threat head-on. “We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities,” the representatives reportedly said in a collective statement yesterday. Representatives from the European Union (EU) and 31 other countries met during a virtual summit this week to coordinate a global response to ransomware, per theWall Street Journal.
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