The cryptocurrency representations Bitcoin, Ethereum, Dogecoin, Ripple and Litecoin are located on the PC motherboard in this figure taken on June 29, 2021. Reuters / Dado Ruvik / Illustration
8 October 2021
WASHINGTON (Reuters) – The White House is considering wider surveillance of the cryptocurrency market to counter the growing threat of ransomware and other cybercrime, a spokesman said on Friday.
“NSC and NEC are coordinating between ministries to consider ways to prevent cryptocurrency and other digital assets from being used to aid malicious individuals, including ransomware criminals.” A spokesman for the White House National Security Council said.
Bloomberg News reported Thursday that an executive order could be included in the surveillance. A spokesperson did not comment on whether the executive order would be part of such oversight.
Ransom software works by encrypting the victim’s data. Hackers typically provide victims with keys in exchange for cryptocurrency payments that can amount to hundreds of thousands or even millions of dollars.
Earlier this month, President Joe Biden said that America’s top national security adviser would gather officials from 30 countries this month to formulate a plan to combat the growing threat of ransomware and other cybercrime https. //reut.rs/3Do2vDj.
An online session organized by the White House National Security Council aims to “improve law enforcement cooperation” on issues such as “illicit use of cryptocurrency,” Biden said.
(Reporting by Nandita Bose; Edited by Sandra Maler)