Cryptocurrencies need tracing and regulations. And, the two U.S Senators were asking lawmakers to increase proper legitimate regulations over cryptocurrencies. Additionally, One of the senators said that the US Government or any country has an idea to trace crypto. And, he adds that they need to do a better job at this before everything goes out of hand.
Cryptocurrencies need tracing…Why?
As ransomware is causing many problems worldwide, people from the White House want to have everything under control. It has become necessary because ransomware is not a joke anymore, and asking for crypto makes the tracing process hard. Therefore, the Government is putting all its efforts into combatting these situations.
Senator Roy Blunt and Senator Tom Carter were even talking about making reports of ransomware mandatory. Although people may have facing issues, they do not want the world to know that he/she was hacked.
Senator Blunt added that the fight against ‘cryptocurrencies need tracing’ is decade long history. So the best possible way would be to know how broad the issue is, and from that, they need to develop a pattern.
Ransomware and its repercussions
Many people do not report cases related to ransomware, and hence, only two cases are out in the broad. One is the colonial pipeline, and another is the meatpacker JBS. The perpetrators made sure a perfect gas shortage in the colonial pipeline, whereas for JBS, they completely shut down the plant.
The Pipeline gave away 4.4 million dollars in Bitcoin. And so far, it is unknown that JBS made the payment or not. The meat company filed a report saying that probably the criminal gang could be from Russia. The FBI, with some certainty, thinks that a Russian group, the DarkSide, could be behind all the chaos.
Any crime that takes a toll on people is usually bad, and ransomware is increasing day by day. Even criminals have become smart enough to use untraceable ways to cover up their misdeeds. They know that it will be difficult to catch them if they ask for bitcoin or other private coins.
Crypto Ransomware increases rapidly.
Senator Blunt said to lawmakers that cryptocurrencies should not be behind the scenes. If they are behind the curtains of private coins, it is nothing but a ransom payment choice. Although cash remains on the top in ransomware attacks, it isn’t easy to track them down because of the high anonymity in cryptocurrency. Additionally, Senator Mark Warner asked for more transparency if a company pays when attacked by ransomware.
Lisa Monaco, deputy attorney general, US, said that the use of cryptocurrency could have many good applications, but everyone needs to aware of the misuse and abuse by criminals.
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Also read: Goldman Sachs CIO says BTC is their least favorite investment
