The US govt. is intending to ramp up the efforts to trace the cryptocurrencies used in cyber attacks. The Biden administration is planning to offer bounties of up to $10 million for any information that authorities to cyber attackers said a senior administration official to Bloomberg.
The officer also said that the White House is forming a task force and the strategy included efforts to disrupt ransomware operations, confront the use of cryptocurrencies in the assaults and work with allies to encourage other nations, not to harbour attackers.
Cryptocurrencies such as bitcoin have been the favoured payment method of hackers due to their anonymous and difficult to trace nature. Cybercriminals often encrypt crucial files of businesses and hold the data for ransom until they are paid an amount in crypto.
The Treasury and State Departments will be working together to foster norms for cryptocurrencies and foster improved restrictions on money laundering. The Treasury’s Financial Crimes Enforcement Network plans to convene other government agencies along with financial institutions and third-party providers to discuss the ransomware threat.
Some members of Congress who took part in a briefing with Deputy National Security Adviser Anne Neuberger on Wednesday said they were not very impressed. One lawmaker said there was no discussion of a new government entity to lead the counterattack against ransomware operatives, and that much of the discussion focused on the defence of businesses
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The official who briefed reporters did not share any updates on the REvil ransomware gang, which vanished from the dark web on Tuesday. The disappearance came just days after President Joe Biden said he had pressed Russian President Vladimir Putin to act against hackers in his country blamed for recent ransomware attacks.
