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- Cryptocurrency Ransomware attacks the top of the agenda in the G-7 meet.
- Ransomware is a threat to national security.
- FBI operation recover Ransom paid to DarkSide hacker group
The US president Joe Biden has been silent about policy regarding Cryptocurrency and Bitcoin. However, recent events like the ransomware attack on Colonial Pipeline have finally pulled the US government out of its stupor and will discuss the role of cryptocurrency in ransomware.
The highly decentralized nature of cryptocurrency offers it a high level of anonymity and makes it ideal for extracting ransoms after a ransomware attack. After months of silence, the US President finally gives cryptocurrency and its association with ransomware a hard look. National security advisor to US President Joe Biden, Jake Sullivan, has hinted that the use of cryptocurrency in ransomware will be on the table for discussion at the G-7 meeting.
In a recent interaction with the press, Sullivan said that the biggest challenge in dealing with cryptocurrency is how these ransomware attacks are carried out. Ransomware is a threat to national security. US officials are planning to discuss the problems related to digital currencies in the G-7 meeting, which Joe Biden will attend.
One of the first steps taken by President Joe Biden in January 2021 was to halt the controversial cryptocurrency KYC regulations proposed by the former Treasury Secretary, Steve Mnuchin.
Cryptocurrency and Ransomware
The latest moves come in the backdrop of the seizure by the US Department of Justice of 63.7 Bitcoin worth more than $2.3 million. Colonial Pipeline paid the ransom to a group known as DarkSide, who hacked into the database of the company leading to massive outages in fuel lines in May.
US and Allies will respond to future ransomware attacks
In close coordination with Colonial Pipeline, the law enforcement was able to trace the 63.7 bitcoins which was paid to the hacker group DarkSide. The FBI was able to break into the wallet into which the ransom was paid. The US DOJ further added that the FBI could trace the computer intrusion and property involved in money laundering. The asset will be seized under criminal and civil forfeiture statutes.
President Joe Biden’s national security advisor also said that the US and its allies would respond to ransomware attacks on critical infrastructure in a befitting manner to dissuade any such attacks in the future. Both NATO and G-7 are scheduled to meet in Europe next month.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
