A bounty is being offered by the State Department to stop cryptocurrency cyberattacks
By Bob Garcia
The US government is getting serious about wanting to stop hackers
The world of cryptocurrency has given rise to endless investigations into its space and the way it is handled. In order to intensify regulatory processes and track down cryptocurrency payments that result in less-than-legal situations, the US State Department has decided to take the lead. It will now apparently become the most active agency when it comes to finding and holding accountable cryptocurrency users who are involved in less-than-favorable scenarios in the eyes of the law. It has launched a new multimillion-dollar bounty program to pay individuals who bring cybercriminals to justice.
Yesterday it was announced that the Biden administration has every intention of stepping up the level of its effort to properly track transactions involving cryptocurrencies, especially if they involve ransomware attacks. The government has set out to address the country’s cybersecurity and the role of cryptocurrencies as payment in such attacks. This news comes on the heels of the announcement of a Rewards for Justice program offering rewards of up to $10 million to anyone who helps identify the actors behind the cyberattacks that are becoming increasingly common in the US infrastructure.
One of the most recent cases was related to the attack on the Colonial Pipeline system, which, after a long and extensive effort by government officials, was able to seize more than $2 million in cryptocurrencies that had been paid its respective rescue. The idea of the new program and the government is not only to be able to find the money, but also to identify those responsible for such attacks and put an end to the problem at its root.