Home Cryptocurrency US President Joe Biden to Raise the Topic of Crypto’s Role in Ransomware Attacks at G7 Summit

US President Joe Biden to Raise the Topic of Crypto’s Role in Ransomware Attacks at G7 Summit

by Serge Shlykov

The next G7 meeting is in Canada, which is home to one of the most active crypto communities in North America. Biden is going to be there, so he might drop some hints about how he sees the role of crypto in cybersecurity.

In what is a major shift in cryptocurrency policy, President Trump has decided to allow the United States to engage in cryptocurrency-focused diplomacy. This will allow the government to engage with foreign governments and the public, including cryptocurrency-focused businesses and projects.

The G7’s annual summit will take place in Japan from 26-28 June 2018. According to the agenda, some of the topics are expected to be cybersecurity and emerging technologies. The keyword for these topics is disruptive and the focus will be on how disruptive technologies are going to affect the world of business. This will be the first time that the high-level gathering will tackle the topic of crypto in particular but people are expecting it to be a very interesting topic.. Read more about cyber security news and let us know what you think.

Jake Sullivan, national security adviser to US President Joe Biden, said at a press briefing on June 7 that Joe Biden will speak at the upcoming G7 summit about cryptocurrencies and their role in the Colonial Pipeline attack and other ransomware hacks. During a press conference at the White House, Sullivan told reporters that it is imperative to respond to ransomware attacks because they attack the country’s critical infrastructure. Therefore, this must be a top priority for the United States and its allies in the future. Commenting on the attacks, National Security Advisor Sullivan added that cryptocurrencies are the most common form of payment in ransomware. He suggested that the US government would crack down on cyber attacks because it is a matter of national security, with attacks primarily targeting the country’s critical infrastructure. The recent ransomware attack on Colonial Pipeline in May 202, which forced the company to pay $4.4 million, underscored the importance of having globally coordinated protection against such cyberattacks.

President Joe Biden’s views on cryptocurrencies

As US president, Joe Biden has remained largely silent on cryptocurrencies and blockchain, both as vice president under Barack Obama and during his presidential campaign. In July 2020, then a candidate, Biden said in a Twitter post that he did not own bitcoins after a massive hack took over the accounts of dignitaries asking their followers to send cryptocurrencies. However, the Biden administration is reportedly evaluating existing regulations around cryptocurrencies and determining whether new restrictions are needed to protect investors following market volatility. The G7 summit will take place from 11 to 13 November. June in the UK. This will be Biden’s first foreign trip since taking office in January 2021.

Increase in crypto-ransomware attacks

Cryptocurrencies have remained especially attractive to criminals because of their simplicity and pseudonymity, which allows users to transfer money quickly anywhere in the world and at any time, despite clear and traceable settlement. In 2019, illegal activities accounted for 2.1% of total cryptocurrency transactions; however, the big news for cryptocurrency crime in 2020 will be ransomware. The estimated number of ransomware attacks has reached a new high, as the number of crypto-ransomware attacks has increased by more than 300% in 2020 compared to 2019. No other form of cryptocurrency increased as much in 2020, as the action points caused by the coronavirus opened up new vulnerabilities for many companies. Here are some examples of notable crypto-transomware attacks. #1. WannaCry WannaCry, a random cryptographic worm that attacks Windows PCs, was originally released in May 2017. The ransom demand in this attack was between $300 and $600, payable in crypto currency Bitcoin. The attack targeted computers with outdated versions of Microsoft Windows operating systems and exploited an EternalBlue vulnerability in the Server Message Block (SMB) protocol, which allowed the ransomware to spread without victim intervention. #2. GrandCrab GrandCrab is an encryption ransomware that targets Microsoft Windows PCs and appeared in January 2018. It works as a Ransomware-as-a-Service (RaaS) and divides the ransom payment between the user and GandCrab’s creator(s) on a 60/40 or 70/30 basis for the most demanding users. Payments for GrandCrab were made via the privacy-focused crypto-currency Dash, with payments ranging from $600,000 to $600,000. #3. ZCryptor ZCryptor is a cryptocurrency ransomware that encrypts and transfers files to other computers and network devices. In this type of ransomware attack, the first victim in the network is infected in the usual way by masquerading as an installer of a popular program or malicious macros in Microsoft Office files. Once inside, the cryptographic worm infects USB drives and external drives to spread to other computers, and then begins encrypting files. It encrypts more than 80 file formats by adding the extension .zcrypt to the file name. After adding the file format, the victim receives a ransom note stating that their files have been encrypted. The attackers then demand a ransom of 1.2 Bitcoins to 5 Bitcoins in four days.

Baseline

While these ransomware attacks have had a major impact in recent years, these types of attacks remain a constant threat today – yet another proof that those who fail to learn from history are doomed to repeat it. Therefore, make sure you regularly update your software and systems to prevent such attacks in the future. As for the role of cryptocurrencies in ransomware, they are only used by hackers as a means of payment. This is not to say that the entire crypto industry is bad. In fact, only 1.1% of cryptocurrency transactions are for illegal purposes, which is much lower than cash.

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