Joe Biden ordered to pay attention to cryptocurrencies due to ransomware attacks

US President Joe Biden has ordered action to track cryptocurrencies in light of the recent wave of ransomware attacks.
The world's largest meat producer, JBS, said on Sunday that it had encountered a "criminal organization" that uses cryptocurrencies in its activities. In response, the White House announced the need to focus on ransomware and find ways to track payments made to them.

Joe Biden ordered to pay attention to cryptocurrencies due to ransomware attacks

“President Biden has already launched an operational strategic review to respond to the increased threat of ransomware, including expanding cryptocurrency analysis to identify and prosecute criminal transactions,” the administration said. It is also proposed to call to account the countries from which the attackers conduct their activities.
The increased activity of ransomware in recent years has again spawned discussions about the role of cryptocurrencies in illegal activities. The ransom is often collected in bitcoins and other digital currencies. According to the observations of the analytical company Chainalysis, such attacks have become more profitable for their organizers in recent months. The firm estimates the damage from their actions for the current year at least $ 81 million. In 2020, the value reached a record $ 406 million. Real figures are likely to be much higher, noted in Chainalysis. Analysts are constantly finding new addresses of attackers, and many companies prefer not to talk about what happened to them.
The spread of the ransomware-as-a-service model also contributes to the growth of damage. It is used by malware creators to issue licenses to customers and share revenues with them. The average buyout in the first quarter was $ 54,000, while it was $ 46,000 in the fourth quarter of 2020 and only $ 12,000 in the fourth quarter of 2019. Every quarter, at least one incident worth $ 10 million occurs, and some groups ask victims for up to $ 50 million. One of the main centers from which extortionists operate is Russia.
The White House said that the fight against ransomware is now among their "priorities." “This is an order of the president being implemented at the present time. It will reduce the risks of cyberattacks, including ransomware attacks, ”the US administration said.
FX24

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