US Government Deepens Crypto Liability With $ 10 Million Bounty

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The US State Department has announced that it will take a seemingly more active role in continuing to hold some crypto users accountable.

According to a Bloomberg report on Thursday, the Biden administration intends to step up efforts to trace cryptocurrency payments, particularly with respect to ransomware attacks. The government plans to address the role of cybersecurity and cryptos as a means of payment in such attacks.

The report comes as the State Department recently announced that its Rewards for Justice program will offer bounties of up to $ 10 million to help identify actors responsible for cyber attacks on critical infrastructure in the United States. The government agency said it has set up an information line through the Tor browser network developed by US officials for anonymous internet communications and may offer encrypted payments for relevant information about the attacks. of ransomware.

Last month, U.S. officials, as part of a government task force, seized more than $ 2 million in crypto used to pay ransom following an attack on the Colonial Pipeline system. Deputy Attorney General Lisa Monaco said at the time that the seizure of assets was the first major operation of the task forces’ mission to investigate, disrupt and prosecute cyber attacks on critical infrastructure, hinting that she would continue to investigate. on similar attacks.

Related: Report Urges U.S. Government To Focus On Blockchain, Crypto, And A Digital Dollar

Traceability or the absence of cryptocurrencies is central to the appeal of users who want their funds to be safe from government scrutiny, while also being an apparent source of frustration on the part of lawmakers attempting to keep their funds safe from government scrutiny. levy taxes on crypto holdings and prevent funds from being used for illicit activities. Last year, the IRS offered a bounty of $ 625,000 to anyone who could help trace transactions on the Lightning Bitcoin (BTC) network as well as for privacy coins, including Monero (XMR).

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