U.S. to combat ransomware attacks with crypto tracing mechanisms

U.S. to combat ransomware attacks with crypto tracing mechanisms

The U.S. government is looking into the possibility of tracking cryptocurrency transactions as a way of combating the growing number of ransomware attacks that demand crypto payments.

During a virtual briefing with Congress members on Wednesday, Deputy National Security Adviser Anne Neuberger disclosed that the White House had set up a ransomware task force. The mission of the task force would be to obstruct and track hostile cyber operations that use virtual currencies, as well as prevent other countries from harboring these malicious actors.

The US government first defined plans to trace cryptocurrency transactions in early June when Deputy Press Secretary Karine Jean-Pierre declared that “combating ransomware is a priority for the administration.”

Neuberger also highlighted the absence of a cybersecurity standard for the private industry, stressing that Congress would have to put one in place.

However, some members of Congress present at the briefing insisted that creating a ransomware task force was not discussed during the meeting.

Recall that the REvil ransomware gang recently demanded a whopping $70 million ransom in Bitcoin after crippling several businesses in a supply-chain attack on software company Kaseya.

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