Bitcoin price boom is helping sustain ransomware hackers, FBI says

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Bitcoin price boom is helping sustain ransomware hackers, FBI says
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Ransomware actors have not eased their attacks on U.S. companies and institutions. “We attribute that to the simple fact that it’s incredibly lucrative for the criminals,' said Bryan Vorndran, assistant director of the FBI’s Cyber Division.

Ransomware actors have not eased their attacks on U.S. companies and institutions in recent months and high cryptocurrency prices are helping to bolster cyber criminal networks, a key Federal Bureau of Investigation official told lawmakers on Tuesday.

The price of bitcoin BTCUSD, -1.73%, the virtual currency used for most high-profile ransomware payments, has increased nearly 300% over the past year from less than $18,000 to more than $60,000 today.The hearing was part of a congressional investigation into a spate of multimillion dollar ransomware attacks on major U.S. companies in 2021, including those on CNA Financial Corporation CNA, +0.62%, Colonial Pipeline Co. and the U.S. division of JBS Foods JBSAY, -0.84%.

Congress is currently debating whether to mandate such notification and whether companies should be required to notify the government within 24 or 72 hours, and the witnesses urged the committee to support a faster notification requirement.“The faster we get the information, the faster we can deploy a local cyber threat expert to victims to work, track, freeze and seize funds taken and ultimately hold cybercriminals accountable,” the FBI’s Vorndran said.

National Cyber Director Inglis said Polyanin’s arrest, which occurred when he crossed the border into Poland, shows the U.S.’s diplomatic and offensive efforts to thwart cyber criminals are paying dividends. “Cyberspace is a borderless terrain, and therefore, as much as they can reach us we can reach them,” he said.

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