Cryptocurrency

For Eliminating “Ransomware” US Government Dealing Harshly With Crypto Firms

“Ransomware” has become one of the major concerns of the US Government these days and in order to eliminate the menace of ransomware US Treasury Department has authorized taking of actions against crypto trading platforms.

The Department of Treasury has come to believe that it is the crypto trading platforms which are responsible for granting safe-houses to ransomware attackers for dumping their illegal proceeds. By the time, an action has been taken by Treasury Department against a crypto trading platform.

Jenet Yellen, The Secretary of the US Treasury Department has made a statement suggesting taking of harsh actions against crypto trading platforms. What she has actually said was that her Department will bring down wrath upon malicious actors taking refuge behind crypto exchanges.

Her statement was evidently in the context of series of enforcement actions proposed by the Department of US Treasury. The Department itself is currently busy in taking drastic actions against local and international crypto trading platforms. The purpose behind taking such actions according to US Treasury is for eliminating the menace of “ransomware”.

It has been declared by US Treasury that one of the US Government’s major concern these days is to deal with “ransomware”. For pursuing Government’s objective, a number of actions have been described to identify and apprehend criminal networks involved in ransomware. In addition, action will also be taken against those crypto trading platforms who are facilitating proceeds of ransoms.

The Department is of the further view that current cyber security will have to be improved throughout the business sector. In addition, private sector will need to be encouraged to report ransomware attacks timely to the concerned agencies. If they will not report occurrence of ransomware in a timely manner, then agencies will not be able to prevent the loss.

There is no doubt that American businesses are one of the main targets of ransomware attackers. In the year 2019, there were only US$ 100 Million losses caused due to ransomware attacks in the US. However, last year, the amount of loss caused due to ransomware increased upto US$ 400 Million. At present moment, already the loss has almost doubled from 2020.

According to US Treasury, crypto exchanges and trading platforms are crucial aspects of such activities. The attackers demand money and the victim pays them, however, the transaction is not cash based.

In fact, the funds are transferred in crypto form from one wallet to another wallet. Thereafter, it is through crypto exchanges that the criminals launder the crypto funds they had received as ransom payments. Therefore, the crypto exchanges are actually a safe-house for ransomware criminals.

Governmental agencies have been authorized to take all necessary actions against crypto exchanges for cutting off their connection with the criminals.

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