A U.S. senator has introduced an investigation into the rise of ransomware assaults as very well as how cryptocurrencies facilitate cybercrimes. “The investigation will also seem into present oversight attempts and rules related to virtual currencies,” the senator defined.
Investigation Into Crypto’s Use in Cybercrimes
U.S. Senator Gary Peters announced previous week a bipartisan “investigation into [the] increase of ransomware assaults and how cryptocurrencies aid cybercrimes.”
Peters is the chairman of the Homeland Protection and Governmental Affairs Committee. He has led several initiatives to bolster the U.S. cybersecurity defenses.
The announcement states that he “is conducting an investigation into the role cryptocurrencies proceed to perform in emboldening and incentivizing cybercriminals to commit ransomware assaults that pose an growing menace to United States national stability.”
Senator Peters mentioned:
The greater use of cryptocurrencies as the desired strategy of payment in ransomware assaults exhibits that cybercriminals believe they can dedicate assaults with out currently being held accountable.
Ransomware attacks greater 150% in 2020 in excess of the former calendar year, and additional than $412 million was paid to cybercriminals in ransom as a result of cryptocurrencies all through that very same time period, the senator observed. He extra that this thirty day period, a ransomware attack paralyzed the networks of approximately 200 businesses and hackers demanded just about $70 million in cryptocurrency to unscramble the affected networks.
The investigation “will study the increase in ransomware assaults, how cryptocurrency emboldens cybercriminals and how federal regulators and lawmakers can perform to disrupt the incentive to commit crimes in exchange for cryptocurrencies,” the announcement aspects, elaborating:
The investigation will also search into present-day oversight initiatives and regulations linked to virtual currencies, as perfectly as make tips into how lawmakers and federal businesses can operate to make sure all People in america can safely profit from obtain to cryptocurrencies whilst making sure they are not offering an incentive for felony businesses and overseas adversaries to continue assaulting American networks and communities across the nation.
What do you assume about this crypto investigation launched by Senator Peters? Let us know in the feedback segment beneath.
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