Two branches of the U.S. Department of the Treasury have published the recommendations on ransomware payouts, where they have mentioned about their threat to national security. The Financial Crimes Enforcement Network or FinCen made cryptocurrency processing companies to remember their duty to inform about suspicious activity:
“Among these entities are digital forensics and incident response (DFIR) companies and cyber insurance companies (CICs). Some DFIR companies and CICs, as well as some MSBs that offer CVCs [convertible virtual currency], facilitate ransomware payments to cybercriminals, often by directly receiving customers’ fiat funds, exchanging them for CVC, and then transferring the CVC to criminal-controlled accounts.”
The announcements also mentioned that while Bitcoin (BTC) is the favorite currency of the cybercriminals, they are more prone to using anonymous coins. They even offer the discount to those who prefer paying ransom in anonymous coins.
Taken from: FinCen.
Recently, the IRS has provided two $625,000 contracts to Chainalysis and Integra FEC for the development of the tools that aid tracking the most elusive privacy coin, Monero (XMR).
The Treasury Office of Foreign Assets Control’s (OFAC) statement states that some of the biggest ransomware attacks of the recent timers had been managed by the foreigners and the funds obtained as the ransom can be used for the breach of US national security.