Senate to investigate role of cryptos in cybercrime

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The US Senate is set to investigate the use of crypto in ransomware on multiple fronts, as regulators around the world continue to scrutinize digital assets.

On Tuesday, Senator Gary Peters (D-Mich.), Chairman of the Senate Committee on Homeland Security and Government Affairs, said he would investigate how cryptocurrency can embolden cybercriminals and what the federal government can do to retaliate.

Less than a week after the Senate Judiciary Committee announced it would hold its own ransomware hearing, the two inquiries attest to the increased attention that U.S. lawmakers are facing.

The Peters probe is notable for its focus on cryptocurrency, rather than ransomware in general. Lawmakers rarely form their crypto investigative targets specifically. But the recent tsunami of ransomware attacks on everything from pipelines to meat packers has been a game-changer.

Attacks increased 150% in 2020 with $ 412 million in ransoms paid, Peters said, adding that an attack underway in July was holding 200 corporate networks hostage for $ 70 million.

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, Peters said in a statement.

Even so, Peters’ investigation seems to give way to a different crypto narrative.

The survey will examine current supervisory efforts and regulations relating to virtual currencies. He will also make recommendations on how lawmakers and federal agencies can ensure that all Americans can safely benefit from access to cryptocurrencies, and that they do not incite criminal organizations and foreign adversaries. to continue attacking American networks and communities nationwide.

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