A US Senator has launched an investigation into the rise of ransomware assaults in addition to how cryptocurrencies facilitate cybercrime. “The investigation may even study present surveillance efforts and rules associated to digital currencies,” mentioned the senator.
Investigation into the usage of crypto in cybercrime
US Senator Gary Peters final week introduced a “bipartisan inquiry into [the] improve in ransomware assaults and the way cryptocurrencies facilitate cybercrime.
Peters is the Chairman of the Homeland Safety and Authorities Affairs Committee. He has led a number of efforts to strengthen America’s cybersecurity defenses.
The announcement states that it’s “investigating the position cryptocurrencies proceed to play in encouraging and inducing cybercriminals to commit ransomware assaults that pose a rising menace to the nationwide safety of america.”
Senator Peters mentioned:
The elevated use of cryptocurrencies as the popular cost methodology in ransomware assaults reveals that cybercriminals imagine they will commit assaults with out being held accountable.
Ransomware assaults elevated 150% in 2020 from the earlier 12 months, and greater than $ 412 million was paid to cybercriminals in ransom by way of cryptocurrencies throughout the identical interval, the senator famous. He added that this month, a ransomware assault crippled the networks of practically 200 firms and hackers demanded practically $ 70 million in cryptocurrency to decrypt the affected networks.
The investigation “will study the rise in ransomware assaults, how cryptocurrency emboldens cybercriminals, and the way federal regulators and lawmakers can work to disrupt the inducement to commit crimes in alternate for cryptocurrency,” particulars the ‘announcement, specifying:
The survey may even study present surveillance efforts and rules associated to digital currencies, in addition to suggestions on how lawmakers and federal companies can work to make sure that all Individuals can safely profit from entry to digital currencies. cryptocurrencies whereas making certain they don’t entice criminals from international organizations and adversaries to proceed attacking American networks and communities throughout the nation.
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