US to Fight Ransomware Attacks with Crypto Tracing and up to $10M in Bounty

The United States is set to move with full force on tracing hackers behind ransomware attacks. The administration of President Biden will achieve this through tracking the payments in crypto to the hackers that perpetuate the ransomware attacks on companies and government organizations in the United States.

 

According to one of the senior officials in the administration, the government intends to give up to $10 million dollars in a bounty for information that would lead them to apprehending the cyber criminals. 

 

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He also noted in the report that a task force has been formed by the government and plans to attack the illicit use of cryptocurrencies in cyber and  ransomware operations has been set in motion by the President Biden led administration. 

 

The state department is to collaborate with the Treasury department of the state to create more stringent regulations on the use of cryptocurrencies to prevent money laundering via cryptocurrencies. The financial crimes agency of the Treasury department is to also work with other government crime attacking agencies to discuss how to curb the attacks.

 

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REvil Russian Hackers

This decision might be due to the ransomware attack history associated with the United States. As reported by CryptoTVplus, the most recent ransomware attack was the 4th July holiday attack by an acclaimed Russian hacker group. 

 

But the president debunked the claim and stated that the identity isn’t known at the moment of the report. The hackers demanded $70 million dollars in ransom and there’s no update on them at the time of publication.