The United States will impose sanctions on illegal cryptocurrency payments

According to experts cited by The Business Journal, TreasuryWhich refused to set targets for sanctions, should be targeted digital wallets what do they get Rescue Transactions And encryption platforms that helps in transferring these amounts.

In fact, the Treasury also intends to issue new guidance to companies on the risks associated with facilitating payments after infection with ransomware. As well as fines, the newspaper said.

Cyber ​​security is one element of the Biden administration in the wake of a wave of cyberattacks, particularly with cryptocurrencies, that have exposed significant vulnerabilities. Although, at the moment, regulators regularly criticize Bitcoin for its illegal uses.

The digital currency, in detail, has been used by hackers demanding bailouts from businesses or local communities to get back the service they blocked.

The attack in early May on the US company Colonial Pipeline, which halted the distribution of fuel in the country, sparked a strong reaction from the authorities and part of the ransom paid, about 4.4 million US dollars, paid in Bitcoin was recovered. .

Later that month, global meat giant JBS suffered a cyber attack and paid hackers $11 million in ransom.

Many of these have been attributed to Russia-based hacker groups operating at least with the tacit approval of the Kremlin. So much so that in July, President Biden called on his Russian counterpart Vladimir Putin to take action against Russian ransomware attacks.

According to a Chainalysis report released in February, cryptocurrency transactions for illegal purposes amounted to $10 billion, or 1% of all crypto activity last year. In this way, the ransom amount paid in cryptocurrency reached nearly $350 million in 2020.

See also  Fitch has placed the US on negative credit watch due to debt uncertainty

Other recent targets in the United States include local communities, hospitals, and insurance companies.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top