Biden’s Administration Expands Crypto Tracking To Prevent Ransomware

Biden’s administration expands crypto tracking in order to prevent ransomware attacks after the latest attack on JBS which threatened the country’s food supply so let’s read more in our latest crypto news.

Last month we witnessed a gas pipeline being targeted in a new ransomware attack which is what inspired Biden’s administration to expand its crypto tracking responsibilities and prevent ransomware attacks of this massive scale in the future. The ransomware payments surpassed $400 million last year and the Deputy Press Secretary Karine Jean-Pierre explained that Air Force One is also combating ransomware as a priority of the administration. One of the ways it plans to address the issue is with more crypto tracking as the bigger majority of the attackers demand BTC or another crypto as payment.

Ransomware is malicious software that locks the users out of a computer or a network so to regain access they can pay the hackers usually via crypto which can be sent outside of the traditional financial channels. This type of attack has been a growing problem for many years with at least $400 million paid to hackers last year. In May, a group named DarkSide collected $90 million in BTC after shutting down the Colonial Pipeline that supplies gas to the eastern seaboard, and a few states experienced gas shortages as a result.

A week ago, the world’s biggest meat producer JBS, suffered a ransomware attack that threatened to shut down the plans and lead to a meat shortage and higher prices as the northern hemisphere headed into summer. As per Jean-Pierre, the administration is now in communication with JBS and Russia because that’s where the attack originated.

Believing that the risks will grow in the future, the administration is conducting a rapid strategic review to address the threat. Jean-Pierre noted that the review has four main points:

“One, distribution of ransomware infrastructure and actors working closely with the private sector; two, building an international coalition to hold countries who harbor ransom actors accountable; expanding cryptocurrency analysis to find and pursue criminal transaction; and reviewing the USG’s ransomware policies.”

Though there weren’t any specific provided, a few federal agencies are working with the blockchain tracing companies to start fighting money laundering as well as other illicit activities. Blockchain-tracking company chainalaysis earned the most revenue from government contracts while CipherTrace received a US Department of Homeland Security contract to work on ways to trace Monero.
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