The U.S. government is expanding its cryptocurrency analysis in a strategy to find and pursue criminal transactions. This comes in the wake of a rising problem of ransomware involving cryptocurrency, such as bitcoin. â€œCombating ransomware is a priority for the administration,â€ said a spokesperson for the White House.
US Government to Expand Cryptocurrency Analysis
The Biden administration unveiled its strategy to combat cryptocurrency ransomware in a White House press briefing Tuesday.
â€œCombating ransomware is a priority for the administration,â€ White House Principal Deputy Press Secretary Karine Jean-Pierre said. â€œPresident Biden has already launched a rapid strategic review to address the increased threat of ransomware to include four lines of effort.â€
Jean-Pierre described that one line of effort targets the â€œdistribution of ransomware infrastructure and actors working closely with the private sector,â€ while another focuses on â€œbuilding an international coalition to hold countries who harbor ransom actors accountable.â€ There is also an effort to review â€œUSGâ€™s ransomware policies,â€ she affirmed, adding that another line of effort is:
The White Houseâ€™s principal deputy press secretary further explained that the four lines of effort build on President Joe Bidenâ€™s executive order which â€œoutlines five high-priority cybersecurity initiatives that, if implemented, will reduce the risk of cyberattacks including ransomware.â€
Ransomware attacks are on the rise worldwide. In the U.S., several major companies have recently been hit with ransomware demanding payments in bitcoin. JBS, the worldâ€™s largest meat producer, has reportedly been dealing with what it called an â€œorganized cybersecurity attackâ€ since the end of May.
The Colonial Pipeline, which supplies the East Coast with nearly half of its fuel needs, also shut down in May for several days when a ransomware attack locked up some of its systems. The pipeline was back online in less than a week but the company admitted to paying a ransom of millions of dollars in bitcoin.
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