Law and Legislation

Crypto Ransomware Payments Are A Serious Issue – Exclusive.

Former Department of Homeland Security official Christopher Krebs outlined much greater governmental oversight of crypto-assets within an interview yesterday, adding that anonymous ransomware payments are a threat “the average American cares about.”

Within an interview on Late Night with Bill Maher, Maher asked the previous United States Cybersecurity & Infrastructure Security Agency director about his thoughts on Bitcoin [BTC].

“What’s gonna happen with Bitcoin? Where does one see that going? That’s in kind of your area, I see it bringing down civilization, but maybe I’m being anti-intellectual,” added Maher.

“Cryptocurrency is, as I see it, is one among the only enabling factors that have permitted cyber-criminals to deploy a huge amount of ransomware across our state and native agencies,” explained Krebs. “It’s the anonymous payments, the power to pay anonymously. and that I think that’s the cyber-threat that the typical American cares about.”

Maher outlined that around 1600 schools are hit with ransomware [citing a report from IBM], and Krebs revealed that there have also been attacks on “hospitals, and government agencies, I mean we had, Baltimore’s been hit twice, Atlanta, Mecklenburg county North Carolina, 23 nations in Texas, Louisiana’s been hit a few times.”

“And they only want money. This is not anything sophisticated, this isn’t ideological,” Maher responded, comparing — puzzlingly — the ransomware attacks to the plot of the movie prevail.”

Krebs went on to warn of “bad guys” running wild if there are “no consequences.” He recommended “looking at” crypto assets in exchange wallets, pressuring countries that cyber-criminals call home to clamp down on illicit activities aimed toward the United States, and assisting state and native governments improve their defenses.

Ransomware has been on the increase for the previous couple of years, likely contributing to a picture problem within the cryptocurrency ecosystem. One recent poll indicates that solely 43% of respondents believe cryptocurrency may be a valid sort of payment, and another from 2020 reveals that 90% of respondents are “worried” about crypto assets getting employed for money laundering activities.

Krebs, who rose to prominence after being fired by former president Donald Trump due to Krebs’ vocal dismissal of fraud conspiracy theories, could also be aligning his publicly stated views with public opinion in preparation for a run office. The previous bureaucrat has also floated policy proposals like investing in state and native cyber defense and education schemes.

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