The US government is expanding its cryptocurrency analysis in a strategy to find and track criminal transactions. This comes in the wake of the growing problem of ransomware associated with cryptocurrencies like bitcoin. “Combating ransomware is a priority for the administration,” a White House spokesman said.
US government to expand cryptocurrency analysis
The Biden administration revealed its strategy for tackling cryptocurrency ransomware at a White House press briefing on Tuesday.
“Tackling ransomware is a priority for the administration,” said White House Principal Deputy Press Secretary Karin Jean-Pierre. “President Biden has already launched a rapid strategic review, which includes four attempts, to address the growing threat of ransomware.”
Jean-Pierre described that one line of effort targeted “the distribution of ransomware infrastructure and actors working closely with the private sector”, while the other focused on “forming an international coalition to capture countries that Holding the ransom payers accountable.” There’s also an attempt to review the “USG’s ransomware policies,” he confirmed, another line of effort:
Extending cryptocurrency analysis to find and track criminal transactions.
The White House Principal Deputy Press Secretary further explained that the four lines of effort are built on President Joe Biden. executive Order Which outlines “five high-priority cybersecurity initiatives that, if implemented, would reduce the risk of cyberattacks, including ransomware.”
Ransomware attacks are on the rise around the world. In the US, recently several major companies have been affected by ransomware demanding payment in bitcoin. JBS, the world’s largest meat producer, reportedly launched what it called an “organised cybersecurity attack” since late May.
Colonial Pipeline, which supplies the East Coast with about half its fuel needs, also shut down for several days in May after a ransomware attack shut down some of its systems. The pipeline was back online in less than a week, but the company admitted to paying a ransom of millions of dollars in bitcoin.
What do you think about the Biden administration expanding cryptocurrency analysis? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused or in connection with the use or reliance on any content, goods or services mentioned in this article.