CyberScoop: US government launches plans to cut cybercriminals off from cryptocurrency

“The White House on Thursday announced a flurry of actions launched by a new interagency task force to combat ransomware…”

“Chief among the White House task force’s new efforts is to cut groups like REvil off from virtual currencies, which they use to collect ransom from victims and sell services to affiliates.

The Treasury Department will support the implementation of money laundering requirements for virtual currency exchanges and building partnerships with the industry to track the currency in real time. The Financial Crimes Enforcement Network will announce a new public-private information sharing group that will include financial institutions, technology firms, third-party service providers and federal government agencies…”

“While the task force is currently exploring what can be done to tackle the cryptocurrency problem with existing regulations and voluntary authorities, the senior official didn’t rule out the possibility of the need for more.

The focus on cryptocurrency is aimed at giving the United States more visibility into ransomware activity…” Read the full article here.

Source: US government launches plans to cut cybercriminals off from cryptocurrency – By Tonya Riley, July 15, 2021. CyberScoop.

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