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US Senator Launches Investigation Into ‘How Cryptocurrencies Facilitate Cybercrimes’

07/26/2021
US Senator Launches Investigation Into 'How Cryptocurrencies Facilitate Cybercrimes'

A U.S. senator has launched an investigation into the rise of ransomware assaults in addition to how cryptocurrencies facilitate cybercrimes. “The investigation will even look into present oversight efforts and rules associated to digital currencies,” the senator defined.

Investigation Into Crypto’s Use in Cybercrimes

U.S. Senator Gary Peters introduced final week a bipartisan “investigation into [the] rise of ransomware assaults and the way cryptocurrencies facilitate cybercrimes.”

Peters is the chairman of the Homeland Safety and Governmental Affairs Committee. He has led a number of efforts to bolster the U.S. cybersecurity defenses.

The announcement states that he “is conducting an investigation into the function cryptocurrencies proceed to play in emboldening and incentivizing cybercriminals to commit ransomware assaults that pose an growing risk to United States nationwide safety.”

Senator Peters acknowledged:

The elevated use of cryptocurrencies as the popular methodology of fee in ransomware assaults exhibits that cybercriminals imagine they’ll commit assaults with out being held accountable.

Ransomware assaults elevated 150% in 2020 over the earlier 12 months, and greater than $412 million was paid to cybercriminals in ransom by means of cryptocurrencies throughout that very same time interval, the senator famous. He added that this month, a ransomware assault paralyzed the networks of almost 200 corporations and hackers demanded almost $70 million in cryptocurrency to unscramble the affected networks.

The investigation “will look at 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 change for cryptocurrencies,” the announcement particulars, elaborating:

The investigation will even look into present oversight efforts and rules associated to digital currencies, in addition to make suggestions into how lawmakers and federal businesses can work to make sure all People can safely profit from entry to cryptocurrencies whereas guaranteeing they aren’t offering an incentive for felony organizations and international adversaries to proceed assaulting American networks and communities throughout the nation.

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