Cryptocurrency News: Yesterday, a very important cryptocurrency statement came from the White House. A White House spokesperson said Tuesday that “expanding cryptocurrency analysis” to monitor ransomware-related transactions is part of their strategy to focus on such attacks.
White House examines cryptocurrency activities for ransomware
According to a June 1 press release, Deputy Chief Press Secretary Karine Jean-Pierre spoke to reporters about the newly disclosed ransomware attack on meat supplier JBS, which US officials reported was linked to a Russia-based criminal organization.
During the speech, Jean-Pierre said, “The White House has offered to help JBS.” He said that the US authorities are investigating the situation. The attack on Colonial Pipeline in the past few days has shaken the oil market all over the world.
“The White House has contacted the Russian government directly on this issue and is delivering the message that the states responsible do not harbor ransomware criminals. The FBI is investigating the incident, and CISA is working with the FBI to provide technical support to the company.”
“Ransom is our priority”
The White House representative later expanded the scope of Biden’s ransomware efforts and focused on cryptocurrency analysis as well.
“Fighting ransomware is a priority for management. President Biden has already launched a rapid strategic review to address the growing ransomware threat. We want to build an international coalition to hold countries hosting ransom actors accountable, expand cryptocurrency analysis to find and track criminal activities, and review USG’s ransomware policies.”
Some elements of the US government have already contracted with industry firms like Chainalysis on transaction tracking technology. Whether the White House focuses on ransomware, we’ll see if these capabilities will be extended by law enforcement. In December, the Justice Department inspector general urged the FBI to complete its work on the cryptocurrency support scheme.
Jean-Pierre concluded his words as follows:
“We urge government and private sector organizations to take the ransomware threat seriously and modernize their cyber defenses, including enforcement practices.”