The United States will impose sanctions on illegal transactions in cryptocurrency

The Wall Street Journal reported that the US Treasury will target digital wallets that receive ransom money and crypto platforms (PHOTO EUROPA PRESS)

Management Joe Biden is preparing to implement sanctions against multiple entities to combat illicit cryptocurrency transactionsHe said on Friday The Wall Street Journal.

US Treasury It plans to impose sanctions starting next weekThe newspaper cited sources familiar with the matter.

consulted before France Press agencyThe Treasury did not respond Friday night.

According to experts cited by The Business Journal, The Treasury, which has refused to set targets for sanctions, should target digital wallets The recipients of the ransom transactions and the encryption platforms that help in the transfer of these amounts.

Beyond these specific penalties, The Treasury also intends to issue new guidance to companies on the risks associated with facilitating payments. After getting infected with ransomware.

The United States will impose sanctions on illegal transactions in cryptocurrency
The United States will impose sanctions on illegal transactions in cryptocurrency

Fines will also be imposedThe newspaper noted.

Cybersecurity is one of the elements of the Biden administration After a wave of cyberattacks, especially with cryptocurrencies, which exposed significant vulnerabilities.

Regulators regularly criticize Bitcoin for its illegal uses.

Cryptocurrency It has been used by hackers to demand ransom from businesses or local communities To restore a blocked service.

Cyber ​​security is one element of the Biden administration (Image: Reuters)
Cyber ​​security is one element of the Biden administration (Image: Reuters)

The startling attack in early May on the American company Colonial Pipeline, which stopped the distribution of fuel in the United States, This triggered a strong reaction from the authorities and part of the ransom, about $4.4 million, paid in bitcoins, was recovered.

In the same month, later, Global meat giant JBS was the victim of a cyber attack and paid hackers $11 million in ransom.

Other recent targets in the United States include local communities, hospitals, and insurance companies.

Many of these attacks Attributed to hacker groups based in Russia It operates at least with the tacit approval of the Kremlin.

The Treasury also intends to issue new guidance to companies on the risks associated with facilitating payments.
The Treasury also intends to issue new guidance to companies on the risks associated with facilitating payments.

in july, President Biden called on his Russian counterpart Vladimir Putin to act against cyberattacks Ransomware from Russia.

According to a Chainalysis report released in February, Cryptocurrency transactions for illegal purposes reached 10 billion in 2020, 1% of all crypto activity last year.

Quantity Cryptocurrency ransoms reached nearly $350 million in 2020.

(With information from AFP)

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