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Biden seeks cryptocurrency to correct and prevent computer attacks like Colonial Pipeline - Executive Summary

Biden seeks cryptocurrency to correct and prevent computer attacks like Colonial Pipeline – Executive Summary

The Biden administration is trying to find a way, along with several US companies, to track cryptocurrencies used to pay ransoms to hackers who have penetrated several important enterprise systems, such as the Colonial Pipeline, the Wall Street Journal revealed. ).

In an open letter to several of the country’s chief executives, Deputy National Security Adviser Anne Neuberger stated that “US authorities are working with international partners to find a way to track down criminals who have been paid for in crypto recoveries.”

The latest victim of a cyberattack of this scale was Colonial Pipeline, the largest fuel provider on the West Coast of the United States, which had to pay more than 3.5 billion euros for a “cleanup” program. It invaded your computer system. Speaking to the Wall Street Journal, the company acknowledged that “it wasn’t the most noble business, but it couldn’t leave the United States without gasoline.”

This measure follows a decree of new rules imposed by the Treasury Department, which requires that transactions worth more than $10,000 in Bitcoin be subject to strict scrutiny, whereby registration is mandatory, through blockchain technology, who is making the payment and who is receiving it.

For ransomware and crypto experts contacted by Business Insider, these new White House rules are futile, as criminals can choose other alternative currencies, thus avoiding using Bitcoin.

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