Ransomware Summit Eyes Tighter Global Scrutiny for Crypto (wsj.com) 22
Officials from 32 countries "recognize that ransomware is an escalating global security threat with serious economic and security consequences," according to a statement issued Thursday:
From malign operations against local health providers that endanger patient care, to those directed at businesses that limit their ability to provide fuel, groceries, or other goods to the public, ransomware poses a significant risk to critical infrastructure, essential services, public safety, consumer protection and privacy, and economic prosperity.
As with other cyber threats, the threat of ransomware is complex and global in nature and requires a shared response.
But the Wall Street Journal also reports the officials (who met virtually this week) blame another factor in the boom of ransomware: "uneven cryptocurrency standards." The representatives pledged to share information about cyberattacks and investigations, push firms to shore up security, and disrupt the financial infrastructure of a criminal hacking economy that has flourished in recent years. Consistent international scrutiny of cryptocurrencies will be key, the officials said, as ransomware groups that extort victims for digital payments can quickly transfer the funds to countries with lax standards for monitoring illicit transactions.
"We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities," the representatives said in a joint statement Thursday...
Hacking groups have increasingly targeted U.S. critical infrastructure, disrupting the East Coast's largest gas pipeline in May and a major meat processor in June. Law-enforcement officials are sometimes able to track crypto payments made by such victims, which can reach into the millions, across a public ledger known as a blockchain. The Counter-Ransomware Initiative convened by the White House this week called on countries to use such techniques alongside more aggressive enforcement of anti-money-laundering and know-your-customer rules that prevent cryptocurrency companies from facilitating such transactions...
Cybersecurity experts say international collaboration will be key to slowing criminal groups that often operate across borders and with relative impunity in countries such as Russia.
As with other cyber threats, the threat of ransomware is complex and global in nature and requires a shared response.
But the Wall Street Journal also reports the officials (who met virtually this week) blame another factor in the boom of ransomware: "uneven cryptocurrency standards." The representatives pledged to share information about cyberattacks and investigations, push firms to shore up security, and disrupt the financial infrastructure of a criminal hacking economy that has flourished in recent years. Consistent international scrutiny of cryptocurrencies will be key, the officials said, as ransomware groups that extort victims for digital payments can quickly transfer the funds to countries with lax standards for monitoring illicit transactions.
"We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities," the representatives said in a joint statement Thursday...
Hacking groups have increasingly targeted U.S. critical infrastructure, disrupting the East Coast's largest gas pipeline in May and a major meat processor in June. Law-enforcement officials are sometimes able to track crypto payments made by such victims, which can reach into the millions, across a public ledger known as a blockchain. The Counter-Ransomware Initiative convened by the White House this week called on countries to use such techniques alongside more aggressive enforcement of anti-money-laundering and know-your-customer rules that prevent cryptocurrency companies from facilitating such transactions...
Cybersecurity experts say international collaboration will be key to slowing criminal groups that often operate across borders and with relative impunity in countries such as Russia.
Ban crypto... (Score:1)
... problem solved.
Ransomware, drug deals, money laundering, etc.
You don't need to ban it (Score:1)
Re: (Score:1)
The key is to make the big names decide to take their toys and head home. Cryptocurrencies will be valueless if people feel they can't just cash out at any time and buy themselves a pizza with their hoard.
As of now, most places do have KYC/AML provisions in place, and some places won't take tainted coins (and a tumble will taint all coins in that tumbler). Same with moving coins to another cryptocurrency.
Of course, Bitcoin is not a currency one would want to launder with. There are billions of dollars sp
Re: (Score:1)
This. Cryptocurrency can do a complete end-run around know-your-customer rules, anti-money-laundering rules, sanctions etc...all those things are meaningless in any jurisdiction where cryptocurrencies (which even if they are traceable between wallet numbers, could be tumbled or traded through other cryptocurrencies which may be untraceable by design) can be exchanged for fiat currency or goods or services. How can they be surprised at the results of allowing this system that can make a total mockery of all
Re: (Score:2)
I think the ultimate outcome is likely to be a fork, into "legit cryptocurrencies", which include technical measures to comply with laws about crime, laundering, sanctions, consumer protections, etc; and "rogue cryptocurrencies", which refuse to do so in the name of some sort of libertarian ideals, and become illegal to own in most jurisdictions. Some people will of course still own them even where they're illegal, but the state of them being illegal will drive away the big money. Governments will then do e
Re: Ban crypto... (Score:1)
Because none of that existed before crypto. Get a grip, governments only want control over your bank account, they couldnâ(TM)t care less about crime.
Banning crypto... Already been tried. (Score:3)
Pre-2000 or so, cryptographic software was classified as a "munition" [wikipedia.org] by the US government, and it was illegal to make it available outside the US.
The restriction was ineffective. The OpenBSD project (operating out of Canada) famously included crypto [openbsd.org] in their default install.
Re: (Score:2)
Pre-2000 or so, cryptographic software was classified as a "munition" [wikipedia.org] by the US government, and it was illegal to make it available outside the US.
Remember the T-shirt that was classified as a munition?
For fuck's sake... (Score:1)
... just jail anybody who makes or authorizes a payment. Do that in your country, and the crooks will start leaving your country alone.
And no, a large corporation or a government agency cannot make a large payment without getting caught, crypto or no crypto. Small businesses or individuals could, but they don't have enough money for these big ransomware gangs.
Apparently these guys can't imagine anything that might actually personally impact a CXO, so they want to fuck around with shit that's only effective
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Seconded. It's the easiest and most-enforceable policy. People will start caring about securing their systems and backups more when it's the boss man's ass on the line.
world counterfeiters' forum (Score:1)
Solving the problem is easy. (Score:2, Troll)
Just make a unilateral agreement to tax all pollution. This will kill crypto overnight and cause people to reduce their energy use thus solving global warming. Naturally they won't do this because this requires a spine.
Re: (Score:1)
It's hardly about "spine". These people aren't mice, they're rats
Re: Solving the problem is easy. (Score:1)
Re: (Score:2)
If the cost outstrips the reward then they stop mining.
Re: Solving the problem is easy. (Score:1)
Re: (Score:2)
I think the market reaction would collapse the value of bitcoin. In addition, you could have people working to disrupt bitcoin, thereby making hashing artificially expensive. As more drop out, the easier it becomes to disrupt.
The annual cost of using Microsoft :\ (Score:2)
Crypto-WHAT? (Score:2)