Cryptocurrency and the Rising Cases of Ransomware Attacks

The US is launching something, but it’s not the Blue Origin

Key US Senator has launched an investigation to find the connection between cryptocurrencies and the rising cases of ransomware attacks including a few recent high-profile attacks.

Gary Peters, Senate Homeland Security and Governmental Affairs Chairman announced on Tuesday that they’ll seek to understand how cryptocurrency encourages cybercriminals and to further identify any need for policy changes. The decision to launch the probe came after several cybersecurity incidents sparked the question whether cryptocurrency is paving way for criminals to transfer any money or get ransom without any detection. Some even have paid ransom in over $400 million using cryptocurrency.

Due to it being less regulated, cryptocurrency payments allows for greater anonymity and criminals took advantage of it as was the case with the recent attacks.

The past few months, saw US investigators recovered millions in cryptocurrency that was paid in ransom to hackers who managed to cause the shutdown of the key East Coast pipeline in May. It later spurred days of panic buying and fuel shortages as was the case with toilet paper back then but that was due to the pandemic. Ransomware attacks have evolved with the times and became more sophisticated and it’s about time someone starts to do something about it.


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Source : CNN