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Biden government to begin tracing crypto transaction to prevent ransomware attack

TL;DR Breakdown

  • Biden government to track crypto transactions
  • Why the government is making this decision
  • America and Ransomware attacks

The United States of America’s Deputy Press Secretary Karine Jean-Pierre has said that the Biden government has plans to enhance cryptocurrency tracking as part of efforts to reduce ransomware attacks.

The notice comes at a time when the U.S. records several consecutive hacks.

What informed Biden government to take action now?

Most recently, giant meat producer J.B.S. was attacked by hackers prompting shutdowns at company plants in North America and Australia.

According to an official at the United Food and Commercial Workers union, the hack, which the White House described Tuesday as ransomware, affected all of J.B.S U.S. meatpacking facilities, according to an official at the United Food and Commercial Workers union that represents J.B.S. employees. The cyberattack resulted in the closure of all nine of the company’s U.S.U.S. beef plants.

The hack prompted U.S.U.S. Government to take action with Jean-Pierre asserted that “combating ransomware is a priority for the administration.”

Ransomware attack and US

Ransomeware hackers have in recent times targeted US-based organizations quite frequently. Back in February, Kia Motors America (K.M.A.) fell victim to ransomware hacks. The perpetrators requested the payment to be made via Bitcoin, and the total amount could have exceeded $30 million.

Ransomeware works such that perpetrators infiltrate individuals or organizations to encrypt sensible information. By doing so, they cripple the victims’ operations and request some sort of a ransom to be paid to provide the necessary encryption tools to regain access to the data.

They demand ransom in crypto, usually BTC, X.M.R., or other hard-to-trace coins.

On Wednesday, another ransomware attack reached the Steamship Authority of Massachusetts, the organization announced itself.

One damaging attack was DarkSide’s latest attack. The infamous group crippled Colonial Pipeline’s distribution of refined oil products in the States, resulting in gas shortages, high prices, and all-out panic across the country. According to some reports, the group netted more than $15 million.

Hacks are slowly becoming a problem in the U.S.U.S., and beyond that, the Biden government and others globally need to respond.

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