US government delves deeper into crypto accountability with $10M bounty

The U.S. Division of State has introduced it will likely be taking a seemingly extra lively function within the pursuit of preserving some crypto customers accountable.

Based on a Thursday Bloomberg report, the Biden administration intends to ramp up efforts to hint cryptocurrency funds, notably on the subject of ransomware assaults. The federal government plans to handle cybersecurity and crypto’s function as fee in such assaults.

The report comes because the State Division lately introduced its Rewards for Justice program would offer bounties of as much as $10 million for help in figuring out actors liable for cyberattacks on important infrastructure in the USA. The federal government company stated it had arrange a tip line via the Tor browser community — developed by U.S. officers for nameless web communications — and should provide crypto funds for related info on ransomware assaults.

Final month, U.S. officers as a part of a authorities activity power seized greater than $2 million in crypto used to pay for ransom following an assault on the Colonial Pipeline system. Deputy Lawyer Basic Lisa Monaco stated on the time the seizure of the property was the primary main operation within the activity power’s mission to research, disrupt and prosecute cyberattacks on important infrastructure, hinting it will proceed wanting into comparable assaults.

Associated: Report urges US authorities to deal with blockchain, crypto and a ‘digital greenback’

Traceability — or lack thereof — of cryptocurrencies is central to the enchantment of customers wanting their funds to be secure from authorities oversight whereas a seeming supply of frustration from lawmakers trying to levy taxes on crypto holdings and stop funds from getting used for illicit actions. Final yr, the IRS supplied a $625,000 bounty to anybody who might assist hint transactions on the Bitcoin (BTC) Lightning Community in addition to for privateness cash together with Monero (XMR).