US tries to curb ransomware with cryptocurrency ransom sanctions

The US government will create sanctions to reduce the payment of ransoms for digital hijackings (ransomware) with the use of cryptocurrencies. Among the reasons for this is the difficulty in tracking movements, which encourages attackers to expand their operating surface to targets that may compromise essential services for the population if their operations are interrupted – such as electricity or fuel supply networks . To do so, the US Treasury Department wants to impose sanctions as of next week.

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In addition, the agency will issue guidelines on the risks associated with facilitating these payments. The idea is to paralyze cybercriminals’ access to a form of payment that supports the criminal industry that poses a threat to national security, as it can reach critical infrastructure such as electricity companies, hospitals and banks.

Image: Reproduction/Elements/twentyphotos

The entity will publish guidance on the risks associated with facilitating payments for ransomware, such as fines and other penalties. By the end of the year, new rules against money laundering and terrorist financing are expected to limit the use of cryptocurrencies as payments for these attacks and other illicit activities.

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Actions are the most attempt expression of Joe Biden’s administration of intercepting criminals’ digital finance ecosystem. According to cybersecurity experts, he is one of the elements that made ransomware attacks thrive in recent years. sanctions. For effective action, however, the agency needs to target the digital wallets that receive the transactions, the platforms that convert the currencies, and the individuals that make the transactions. The promise is that this will not affect the entire cryptoactive industry, and finding a way to not harm legal business is the biggest challenge of this initiative.

Source: The Wall Street Journal

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