The U.S. (and U.Okay. U.S. and UK. According to the FBI, ransomware is “extremely lucrative” because of the monitoring high cost of illegal cryptocurrency use.
Governments Cooperate to Monitoring Illegal Cryptocurrency Use
The U.S. Department of Justice presented Friday that Lisa Monaco (Deputy Attorney General) and officers of its National Security Division, Criminal Division met with U.Okay. Priti Patel, Home secretary, met with the UK in Washington, D.C., this Thursday.
“Both countries discussed their close cooperation against many threats to their country’s collective security,” the DOJ said.
The deputy legal professional and the house secretary committed and agreed to intensify the focus on monitoring the illegal use of cryptocurrency ransomware. And payment with cryptocurrency to continue the dialog about rising safety threats.
The U.S. authorities have been trying to combat ransomware attacks. Monaco’s National Cryptocurrency Enforcement Team launch in October by the DOJ. It is a DOJ initiative that focuses on prosecuting and dealing with “criminal misuses cryptocurrency”, including crimes committed through virtual currency exchanges and mixing and tumbling services.
In the same month, President Joe Biden declared that the U.S. would send 30 countries to end “illicit use monitoring of illegal cryptocurrency.” FBI claims Ransomware is lucrative due to ‘Valuation for Virtual Currency’
The listening to was part of a congressional probe into multimillion-dollar ransomware attacks against main U.S. businesses this year, which included Colonial Pipeline Co. (U.S.) and JBS Foods’ U.S. Division. Vorndran stated that there has been no decrease in ransomware attacks reported to him over the past six months.
It’s extremely lucrative for criminals, which is why we attribute it to that simple fact. It’s partly due to the value of digital foreign currencies. However, it’s also partially due to the vulnerability of our methods as well as our infrastructure.
Global Efforts Lead to Arrests and Seizures
Some ransomware-related actors have been identified by the U.S. authorities. As part of the overall government effort to combat ransomware, the U.S. Department of the Treasury authorized a cryptocurrency substitute in September. Suex was allegedly responsible for laundering ransoms.
Another crypto alternative sanction early this month. Chatex is alleged to have facilitated “financial transfers for ransomware actors.” Additionally, two ransomware operators — Yaroslav Vasilisskyi of Ukrainian politician and Yevgeniy Polyanin of Russia — were sanctioned “for their role in perpetuating Sodinokibi/Revil ransomware instances against the United States.”
Inglis, the National Cyber Director, said last week that Polyanin’s capture was the result of cooperation between nations. The arrest took place when Polyanin crossed the Polish border. He elaborated: “Cyberspace, which is borderless, means that they can reach us as much as we can reach them.”
A coordinated strike by Europol, Interpol & the FBI resulted in the arrest of two ransomware operators. These ransomware operators were allegedly responsible for ransom demands of up to 70,000,000 Euros. A seize cryptocurrency worth $1.3 million.