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White House Convenes Summit for Stopping the Spread of Ransomware
Among other moves, President Biden’s office plans to share information with partners about crypto wallets used for laundering extorted funds.
The Biden administration brought together 36 countries and the European Union for its second International Counter Ransomware Initiative (CRI) summit to counter the global spread of ransomware.
Among other initiatives, the CRI plans to establish an International Counter Ransomware Task Force (ICRTF), share technical information about ransomware with a wide range of stakeholders and provide an "investigator’s toolkit" to CRI partners.
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Significantly, the CRI also has committed to “take joint steps to stop ransomware actors from being able to use the cryptocurrency ecosystem to garner payment.” This would include sharing information about crypto wallets used for laundering funds, as well as developing and implementing anti-money laundering/combating the financing of terrorism (AML/CFT) crypto standards. Among those standards would be “know your customer” (KYC) rules to reduce their misuse by cyber criminals.
On Tuesday, the Financial Crimes Enforcement Network (FinCEN) also published a report on ransomware payments, finding they grew over the past year but without detailing what portion of that growth was in crypto.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
