US Senator Launches Investigation into “How Cryptocurrencies Facilitate Cybercrime” – Bitcoin News Rules

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A US Senator has launched an investigation into the rise of ransomware attacks as well as how cryptocurrencies facilitate cybercrime. “The investigation will also examine current surveillance efforts and regulations related to virtual currencies,” said the senator.

Investigation into the use of crypto in cybercrime

US Senator Gary Peters announced last week a “bipartisan inquiry into [the] increase in ransomware attacks and how cryptocurrencies facilitate cybercrime.

Peters is the Chairman of the Homeland Security and Government Affairs Committee. He has led several efforts to strengthen America’s cybersecurity defenses.

The announcement states that it is “investigating the role cryptocurrencies continue to play in encouraging and inducing cybercriminals to commit ransomware attacks that pose a growing threat to the national security of the United States.”

Senator Peters said:

The increased use of cryptocurrencies as the preferred payment method in ransomware attacks shows that cybercriminals believe they can commit attacks without being held accountable.

Ransomware attacks increased 150% in 2020 from the previous year, and more than $ 412 million was paid to cybercriminals in ransom via cryptocurrencies during the same period, the senator noted. He added that this month, a ransomware attack crippled the networks of nearly 200 companies and hackers demanded nearly $ 70 million in cryptocurrency to decrypt the affected networks.

The investigation “will examine the increase in ransomware attacks, how cryptocurrency emboldens cybercriminals and how federal regulators and lawmakers can work to disrupt the incentive to commit crimes in exchange for cryptocurrency,” details the ‘announcement, specifying:

The survey will also examine current surveillance efforts and regulations related to virtual currencies, as well as recommendations on how lawmakers and federal agencies can work to ensure that all Americans can safely benefit from access to virtual currencies. cryptocurrencies while ensuring they do not induce criminals from foreign organizations and adversaries to continue attacking American networks and communities across the country.

What do you think of this crypto investigation launched by Senator Peters? Let us know in the comments section below.

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