U.S. Working with Allies to Make Foreign Crypto Exchanges Report Suspicious Transactions Amid Ransomware Crisis

Alex Dovbnya

The Biden administration is reportedly planning to ban firms from paying ransomware gangs

According to a July 6 report by CNN, the White House is within the means of finalizing its ransomware-battling technique.   

It includes working with nations which can be a part of the Five Eyes alliance to make overseas cryptocurrency exchanges report suspicious transactions to governments.

The National Security Council plans to prohibit firms from paying ransoms whereas beefing up their cybersecurity.

Some have already criticized the thought of imposing a blanket ban on funds, with Cyber Threat Alliance CEO Michael Daniel mentioning that it might harm the victims:

Prohibiting funds instantly will not be a workable technique as a result of it’ll impose too many prices on harmless victims.

Ransomware has as soon as once more change into a nationwide concern after a supply-chain assault on Miami-based software program firm Kaseya crippled up to 1,500 companies all over the world earlier this month.

As reported by U.Today, Russia-linked cybercrime gang REvil—which took credit score for the breach—began demanding a $70 million Bitcoin cost for a common decryptor.

REvil additionally provides particular person victims to pay $45,000 value of Monero to regain entry to their information.    

President Joe Biden is urging the affected firms not to ship funds.

The hackers have now lowered the asking value to $50 million, which is perhaps an indication of desperation.

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