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Crypto Is Fueling Crime, According to Participant of Biden’s Cybersecurity Meeting

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Thu, 08/26/2021 - 06:03
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Alex Dovbnya
Crypto was allegedly a hot topic during Joe Biden’s big cybersecurity meeting
Crypto Is Fueling Crime, According to Participant of Biden’s Cybersecurity Meeting
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According to CNBC reporter Eamon Javers, one of the participants President Joe Biden’s cybersecurity-focused meeting said that the U.S. government had to crack down “much harder” on the cryptocurrency industry.

Javers cites an unnamed CEO who was also present at the hours-long event that was focused on discussing cybersecurity plans with Big Tech firms and finance leaders.

Following the summit, Google, IBM and other tech giants committed to spending billions on bolstering cybersecurity, which they believe is one of the key issues of the decade.

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The Biden administration found itself in a tight spot after numerous high-profile cyberattacks made international headlines earlier this year, with the Colonial Pipeline hack being the most notable incident.

Cybercriminals tend to demand ransomware payments in cryptocurrencies due to their anonymous or pseudonymous nature. This prompted lawmakers to raise alarm over crypto’s role in such attacks.

During a July hearing held by the Senate Judiciary Committee, Jeremy Sheridan of the U.S. Secret Service asserted that digital currencies led to an increase in the profitability of cybercrimes.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.