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U.S. Senator to Investigate How Cryptocurrencies Embolden Cybercriminals

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Tue, 07/20/2021 - 19:07
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Alex Dovbnya
Cryptocurrencies are facing more scrutiny due to their role in ransomware attacks
U.S. Senator to Investigate How Cryptocurrencies Embolden Cybercriminals
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U.S. Senator Gary Peters (D-MI), who serves as the chairman of the Senate Homeland Security and Governmental Affairs Committee, announced Tuesday that he is launching an investigation into the role of cryptocurrencies in recent ransomware attacks.

Since hackers demand ransomware payments in cryptocurrencies, Peters says that the new asset class emboldens them and instills the idea that they will not be held responsible.

The investigation will focus on cryptocurrency regulations that will make sure that Americans can benefit from the new asset class without being exposed to ransomware risks.

Peters claims that lawmakers have to do everything in their power in order to deter such "devastating" attacks:  

These attacks can have a devastating effect on Americans' lives and livelihoods, and we must do everything we can do to deter them—including understanding what additional regulations, actions and reforms are needed to adequately tackle complicated cybersecurity threats.    

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As reported by U.Today, the REvil ransomware gang recently demanded a $70 million Bitcoin ransom after compromising thousands of companies around the globe with its attack on software firm Kaseya on the verge of Independence Day. The gang then mysteriously went offline.

The Kaseya incident reignited the conversation about the role of cryptocurrencies in ransomware attacks following the Colonial Pipeline hack in May.

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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.