U.S. Department of State to Take an Active Role in Tracking Crypto Payments for Ransomware Attacks

Through The U.S. Department of State, the Biden administration has announced it intends to ramp up efforts to trace cryptocurrency payments made in ransomware attacks. According to a Bloomberg report, the Biden administration plans to address cybersecurity and crypto’s role as payment in such attacks.

The State Department previously rolled out a Rewards for Justice program that offers bounties of up to $10 million to identify criminals responsible for cyberattacks on critical infrastructure. The agency also set up a hotline through the Tor browser network (dark web) to get relevant information on ransomware attacks.

U.S. officials, as part of a multi-agency task force, seized more than $2 million in crypto, which was used to pay the ransom for the attack on the Colonial Pipeline system. This crypto seizure was the first significant operation from the task force. Its mission to investigate, disrupt, and prosecute cyberattacks on critical infrastructure shows that the Biden administration keeps an eye out for ransomware attacks.