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US Senator Launches Investigation To Disrupt Use of Cryptocurrency in Cybercrimes | The Daily Hodl

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US Senator Gary Peters (D-MI) says {that a} senate committee that he chairs will look into strategies that discourage the use of cryptocurrencies in cybercrimes.

Senator Peters, who chairs the Homeland Security and Governmental Affairs Committee, says cryptocurrencies have turn into cyber ransomers’ “medium of choice.”


“In truth, there was a 150% enhance in ransomware assaults simply in this 12 months and positively large ones like pipelines, meatpacking vegetation. Over the 4th of July, a number of hundred small companies have been hit with ransomware assaults. And what we discover is that cryptocurrencies are the medium of selection by these people.

In truth, most likely properly over $400 million has been paid in ransoms in this final 12 months from cryptocurrencies. We suppose it might be a a lot bigger quantity as a result of we nonetheless must get a greater deal with on how widespread these assaults are.

And we wish to make certain we’re coping with cryptocurrency and perceive why is it the selection by these people? And how can we disrupt that selection? How can we make cryptocurrencies not the medium of selection however really disrupt the use of cryptocurrency? So this will probably be an investigation into why it’s getting used, how it may be disrupted.”

The Michigan Senator provides that the Federal Bureau of Investigation’s (FBI) seizure of crypto that had been paid by Colonial Pipeline to ransomers is serving as a deterrent to aspiring cyber criminals.

“We surely know the FBI was actually able to track this transaction related to the pipeline. That is a disincentive. What sort of resources are necessary for us to do that in a more aggressive way to let these cybercriminals know they are not going to get away with their ransom?”

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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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