Illegal cryptocurrency payments | Washington is preparing to impose sanctions

Illegal cryptocurrency payments |  Washington is preparing to impose sanctions

(Washington) Biden management plans to impose sanctions on a number of companies to combat illegal cryptocurrency transactions, such as redemption. The Wall Street Journal Friday.


The US Treasury plans to impose sanctions early next week, the newspaper said.

When asked by AFP, the Treasury did not respond Friday evening.

According to experts quoted by Business Daily, the Treasury Department, which declined to comment on the sanctions targets, should target digital wallets that receive redemption transactions and crypto sites that help convert these amounts.

Beyond these targeted restrictions, the department also seeks to provide new guidance to businesses on the risks associated with facilitating payment after ransomware infections. The guidelines will also impose fines, the newspaper said.

Cybersecurity is one of Biden’s management’s task force after the wave of cyber attacks, especially the use of cryptocurrencies, which revealed major vulnerabilities.

Bitcoin is constantly being criticized by regulators for its illegal uses. The ransom money from businesses or local communities is used by hackers to recover their blocked service.

The spectacular attack on Colonial Pipeline, an American company that disrupted fuel supplies in the United States in early May, provoked a strong reaction from authorities and the recovery of part of the $ 4.4 million recovered in bitcoins.

Later that month, the global meat company JBS was the victim of a cyber attack and offered $ 11 million in ransom to hackers.

Other recent targets in the United States include local communities, hospitals, and insurers. Many of these attacks are said to have been carried out by Russian-based hacker groups with the Kremlin’s indirect consent.

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In July, President Joe Biden called on his Russian counterpart Vladimir Putin to take action against “ransomware” cyber attacks in Russia.

According to a Synolysis report in February, cryptocurrency transactions for illicit purposes reached $ 10 billion in 2020, or 1% of last year’s total cryptocurrency activity.

Redemption payments in cryptocurrencies reached nearly $ 350 million by 2020.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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