A U.S. senator has launched an investigation into the rise of ransomware attacks and how cryptocurrencies are fuelling cybercrime. “The investigation will also investigate current regulatory work and regulations related to virtual currencies,” the senator explained.

Investigate the use of encryption in cybercrime

U.S. Senator Gary Peters announced a bipartisan “investigation [the] The rise of ransomware attacks and how cryptocurrencies are fueling cybercrime. “

Peters is the chairman of the Homeland Security and Government Affairs Committee. He has led a number of efforts aimed at strengthening U.S. cybersecurity defenses.

The announcement stated that he “is investigating the continued role of cryptocurrency in encouraging and incentivizing cybercriminals to carry out ransomware attacks, which pose a growing threat to the national security of the United States.”

Senator Peters said:

The increasing use of cryptocurrency as the preferred payment method for ransomware attacks shows that cybercriminals believe that they can attack without taking responsibility.

The senator pointed out that ransomware attacks in 2020 have increased by 150% from the previous year, and over the same period, more than 412 million US dollars of ransoms have been paid to cybercriminals through cryptocurrency. He added that this month, a ransomware attack paralyzed the networks of nearly 200 companies, and hackers demanded nearly $70 million in cryptocurrency to hack the affected networks.

The investigation “will examine the increase in ransomware attacks, how cryptocurrencies are fueling cybercriminals, and how federal regulators and legislators work to undermine criminal motives in exchange for cryptocurrency,” the announcement detailed:

The investigation will also investigate current regulatory work and regulations related to virtual currencies, and raise questions about how legislators and federal agencies work to ensure that all Americans can safely benefit from cryptocurrencies, while ensuring that they do not provide incentives for criminals Suggest. Organizations and foreign adversaries continue to attack networks and communities across the United States.

What do you think of this cryptocurrency investigation initiated by Senator Peters? Let us know in the comments section below.

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