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  4. The Biden administration is ramping up efforts to trace crypto used in cyberattacks and will offer bounties of up to $10 million for info

The Biden administration is ramping up efforts to trace crypto used in cyberattacks and will offer bounties of up to $10 million for info

Isabelle Lee   

The Biden administration is ramping up efforts to trace crypto used in cyberattacks and will offer bounties of up to $10 million for info
  • The Biden administration is ramping up efforts to trace cryptos used in cyberattacks, sources told Bloomberg.
  • This includes offering bounties of up to $10 million for information.
  • The White House has formed a task force for the initiative.
The Biden administration is ramping up efforts to trace cryptocurrencies used in cyberattacks and is planning to offer bounties of up to $10 million for information that will help catch criminals, sources told $4.

The White House has formed a task force, a senior administration official told $4 on Wednesday, in a bid to disrupt ransomware operations.

Cryptocurrencies such as $4 have been the favored payment method of hackers due to their anonymous and difficult to trace nature. Cybercriminals often encrypt crucial files of businesses and hold the data for ransom until they are paid an amount in $4.

These methods were on display during the $4 ransomware attack in April, which led to $4 and outages up and down the East Coast. $4, the world's largest meat producer, was a recent high-profile victim of a similar attack.

The US and the rest of the world is quickly realizing the national security risks that stem from weak $4 infrastructure.

Deputy National Security Adviser Anne Neuberger in June $4 officials are working with international partners on developing consistent policies for when to pay ransoms and how to trace them.

The US does not encourage private entities to negotiate with cybercriminals and pay the ransom, but many, including Colonial Pipeline, have.

Still, the government is trying hard prevent such attacks, and the Treasury Department has recently proposed $4 that would require cryptocurrency transactions above $10,000 to be reported to the Internal Revenue Service.

For a more in-depth discussion, come on over to Business Insider Cryptosphere>$4 — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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