Cryptocurrency News

Biden to Discuss Role of Crypto in Ransomware Attacks on G7, Says National Security Adviser

According to Joe Biden’s national security adviser Jake Sullivan, the President of the United States will speak directly to cryptocurrencies about their role in attacks on the Colonial Pipeline and other ransomware breaches.

In Monday’s White House press briefing, Sullivan said US officials, including Biden, appear to have wanted to see an action plan regarding ransomware attacks during the president’s visit to the G7 summit later this week. The national security adviser said the plan should address the resilience of such attacks, information sharing with other democracies and “how to deal with the cryptocurrency challenge”.

Sullivan said crypto “is at the core of how these ransom transactions are played out,” citing cyberattacks as a “national security priority” for the US government, especially for “critical infrastructure.” ” His comment follows hackers Violation of the network behind the Colonial Pipeline In May, it reportedly forced the firm to pay $4.4 million in ransom.

“This should become a priority going forward,” Sullivan said, referring to the G7 addressing such ransomware attacks. He described the issue as “a different order of magnitude of a security threat that the Coalition has to concern itself with in a way that it historically has not.”

President Biden, both as an individual, as vice president under Barack Obama and in his campaign for office, has remained largely silent on crypto and blockchain. Last July, candidate Biden again said He didn’t have bitcoins (B T c) in a Twitter update After a massive hack Who took over high-profile accounts and asked his followers to send crypto.

However, his administration is reportedly Reviewing current regulations around crypto and determining whether new restrictions are needed to protect investors following market volatility. Since hitting an all-time high of around $65,000 in April, bitcoin is down more than 44% to reach $35,588 at the time of publication.

The G7 summit is scheduled to be held in the United Kingdom from June 11-13. This will be Biden’s first foreign trip to serve as US president since his inauguration in January.