Biden administration to study use of cryptocurrencies in ransomware attacks

U.S. President Joe Biden regards tracking cryptocurrency transactions as one of the possible options in the fight against ransomware. This was said by White House Deputy Press Secretary Karine Jean-Pierre.

“President Biden has launched a rapid strategic review to combat the growing threat of ransomware, including expanding cryptocurrency analytics to locate and prosecute criminal transactions,” said Jean-Pierre.

She said that among other lines of effort are assessing how ransomware encryptors spread and cooperating with other jurisdictions to “bring to account the countries sheltering those engaged in ransomware.”

Jean-Pierre noted that the fight against ransomware is a top priority for the Biden administration, based on the Biden executive order on improving the nation’s cybersecurity, which he signed in May.

“The document outlines five priority initiatives in cybersecurity that, if implemented, would reduce the risk of cyberattacks, including ransomware attacks,” she added.

According to analytics firm Chainalysis, ransomware attacks are becoming increasingly profitable. In 2019, addresses linked to malware received $92.94 million in cryptocurrency, and in 2020 the figure rose to $406.34 million.

If you’re following the news, you know ransomware isn’t slowing down in 2021. Read our research on the latest trends, including 2021 ransomware totals, why attackers are commanding higher ransoms, and an uptick in attacks from Russia-affilated groups. https://t.co/Juldk2eCwb

— Chainalysis (@chainalysis) May 14, 2021

In the first four months of 2021, ransomware criminals earned at least $81.55 million. Analysts noted that actual figures are likely to be significantly higher.

On May 30, the world’s largest meat-processing company JBS was the victim of a ransomware attack. The White House said that the incident was likely carried out by Russian hackers.