"The Biden administration has reportedly established a new task force that will focus on combating cyberattacks and tracing crypto paid as ransom."

US Establishes Ransomware Task Force, Considers $10 Million Bounties >"The Biden administration has reportedly established a new task force that will focus on combating cyberattacks and ransomware threats."

RANSOMWARE ATTACKS HAVE RISEN 900% SINCE THE PANDEMIC STARTED. IMAGE: SHUTTERSTOCK The White House has a dedicated ransomware task force that would focus on combating cyberattacks and double down on tracing cryptocurrency transactions involved in them, sources told Bloomberg today. Per the report, the topic was discussed during a virtual briefing with members of Congress yesterday. As part of the planned effort, the new unit will analyze and trace crypto transfers that affected companies and institutions have sent—or will send—to perpetrators of ransomware attacks. Biden Warns Russia's Putin to Act on Bitcoin Ransomware After $70 Million Attack In a phone call today, President Joe Biden told his Russian counterpart Vladimir Putin that the U.S. will take "any necessary action" to combat ransomware, according to the White House. Ransom... NewsTechnology Jeff Benson Jul 10, 2021 2 min read  Notably, such assaults proved to be highly disruptive and harmful even to large international companies. One of the most high-profile recent examples is the attack on Colonial Pipeline, an American gasoline pipeline firm, that resulted in fuel shortages across the Southeastern United States. In the end, the company reportedly paid the hacker group known as DarkSide “nearly $5 million” in “untraceable cryptocurrency.” However, federal authorities ultimately managed to recover around $4.4 million worth of the Bitcoin sent.  BTC -5.58%$31,840.54 24H7D1M1YMAX Jul 11Jul 12Jul 13Jul 14Jul 15Jul 16Jul 17$31000$32000$33000$34000$35000 BTC Price  In another instance, JBS USA Holdings Inc., one of the world’s largest food processors, paid $11 million in Bitcoin to ransomware attackers in mid-June. In response, the U.S. Department of Justice switched the status of ransomware attacks to the same priority level as terrorism. During yesterday’s virtual briefing, deputy national security adviser Anne Neuberger also said that apart from the task force, the administration is also working on a new strategy that includes efforts to disrupt ransomware attacks, quell the use of Bitcoin and other cryptocurrencies for such illegal activities, and work with other nations to convince them not to harbor cybercriminals. The top 5 crypto news stories & features in your inbox each day. Get Daily Digest for the best of Decrypt. News, original features and more.  The Email Simultaneously, the State Department also considers launching a new bounty program that will offer rewards up to $10 million for information that would result in the identification of alleged cybercriminals, according to Politico’s report. The program will be predominantly aimed at hackers involved in attacks on critical infrastructure, the administration official told the outlet. Interestingly, the notorious hacking group REvil—which was responsible for some of the recent high-profile ransomware attacks—literally disappeared from the face of the Internet on Tuesday.    Read on the Decrypt App for the best experience. For the best experience, top crypto news at your fingertips and exclusive features download now.  Recommended News El Salvador May Launch National Stablecoin: Reports El Salvador’s government could be planning to release a U.S. dollar stablecoin, investigative news outlet El Faro reported Friday. The currency would be issued by the central bank, pegged to t... NewsBusiness Mathew Di Salvo Jul 17, 2021 2 min read  Jackson, Tennessee Mayor Scott Conger is Sold on Bitcoin Jackson, Tennessee’s 37-year-old mayor, Scott Conger, took to Twitter on Friday to tweet several developments in his ongoing mission to make Jackson a Bitcoin-friendly city.  Conger said that ... NewsBusiness Tim Hakki Jul 17, 2021 2 min read  Dolce & Gabbana to Launch NFT Wearables Dolce & Gabbana has partnered with digital marketplace UNXD to launch a collection of NFT wearables called ‘Collezione Genesi’ (Genesis collection). In a tweet on Wednesday, the luxury Milanes... NewsBusiness Tim Hakki Jul 17, 2021 2 min read  All News Load More   App Email Discuss Podcast Menu News Learn Features Coins Reviews Collections Decrypt en Español 🇪🇸 Search About  US Establishes Ransomware Task Force, Considers $10 Million Bounties