Crypto

Is ransomware considered terrorism in the US? Bitcoin and cryptocurrencies at gunpoint – Journal du Coin

Biden steps up the fight against ransomwareThe US administration announces new measures to combat ransomware. Indeed, recently there has been talk of hackers attacking the giants of their industry.

Biden against ransomware at 4 points

June 1 White House spokesman Karin Jean-Pierre, pointed out at a press conference that fight ransomware is one of the priorities of the Biden administration. The latter will expand its analysis to better track ransomware-related crypto transactions. This White House press release comes out a few weeks afterattack on colonial Pipelin and the meat giant JBS

Ransomware

Administration efforts focus on 4 axes :

  • IN “Monitoring infrastructure and ransomware participants in close collaboration with the private sector” ;
  • IN “Building an international coalition For countries to be held accountable for “Placing Ransomware Actors” ;
  • Developmentanalysis of cryptographic transactions, to identify and prosecute related illegal activities;
  • IN policy review the US government in the fight against ransomware.

Juicy business for hackers and their hunters

In May 2021, Elliptic is priced at $ 90 million in BTC redemption amount paid to the group DarkSide… The latter underlies the attack on Colonial pipeline during the same month. Hacking led to fuel shortage in several states. In addition, the attack on JBS nearly resulted in plant closures, with some risk of meat shortage and from price increase the latter in the northern hemisphere.

Camera and surveillance

To remedy this, U.S. federal agencies are already partnering with blockchain analytics companies, as Chainalysis as well as CipherTrace, to combat money laundering, terrorist financing and other objectionable activities. CipherTrace develops on behalf of the Department of Homeland Security, Monero tracking methods (XMR). Indeed, the anonymity it provides makes it one of the favorite cryptocurrencies for hackers and criminals in general.

Computer giant Acer also fell victim to ransomware in the first quarter of 2021. The hackers demanded a ransom of over $ 50 million. Who benefits from a crime? Ransomware benefits hackers like Chainalysis, as well as anti-cryptocurrency legislators and regulators who can legitimize tightening cryptocurrency regulations.

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