The White House administration is expanding cryptocurrency analysis due to the increased threat of ransomware attacks. According to a press gaggle transcript, President Biden has launched a strategic review to address the threats.
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One of the efforts is focused on working closely "with the private sector" to control distribution of ransomware infrastructure. The White House administration also wants to build an "international coalition" to hold countries who harbor ransom actors accountable. The administration is also expanding cryptocurrency analysis "to find and pursue criminal transaction."
The White House's concern comes after Colonial Pipeline paid $5 million to the DarkSide hackers group in cryptocurrencies. While Bloomberg reported that the ransom was paid in the so-called "difficult-to-trace cryptocurrency" within hours after the attack, Elliptic, a blockchain forensics service, found out that the DarkSide hacker group received the ransom in bitcoin.
Earlier in May, White House officials were briefed by the US Treasury on the risks posed by the cryptocurrency market. While the briefing did not involve high-level officials, the concerns were also raised in conversations with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).
It was reported that the White House was studying potential "gaps" in regulation of the cryptocurrency market, to find out whether it could be used for money laundering or terrorism financing. The official had also discussed whether the market needs protections for average retail investors.
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