As expected, President Joe Biden on Wednesday signed an executive order on cryptocurrency that tackles consumer protection, financial stability, national security and climate risks. The administration calls it the first whole-of-government strategy to rein in cryptocurrencies.
President Joe Biden is expected to outline a whole-of-government approach to reining in cryptocurrencies, which have been criticized for lax cybersecurity measures. Media reports say the administration will announce an executive order on crypto this week, to align the U.S. with global allies.
U.S. officials say that while it would be nearly impossible for Russia to "flip the switch" and convert to cryptocurrency to stabilize its sanctioned economy, they caution that Russian elites and entities may yet try to skirt the measures by transferring and obfuscating funds across the blockchain.
Key financial members of the U.S. Senate on Wednesday sent a letter to Treasury Secretary Janet Yellen regarding potential sanctions evasions and the department's ability to police crypto assets, as adversarial countries have previously leveraged them to fund weapons programs and for cash infusion.
Security experts, legislators and researchers are worried about fraud and money laundering related to cryptocurrency platforms during the Russia-Ukraine crisis. Researchers are already observing a spike in phishing attacks and other threat vectors targeting digital wallets.
In the latest "Proof of Concept," Grant Schneider, senior director of cybersecurity services at the law firm Venable, and Ari Redbord, head of legal and government affairs at TRM Labs, join editors at Information Security Media Group to discuss trending cybersecurity issues.
The latest edition of the ISMG Security Report features an analysis of takedowns of multiple Russian-language cybercrime markets and communities by Russian authorities. It also describes the role of cryptocurrencies in the banking sector and how the identity market will evolve in 2022.
In case anyone doubts that Russia is the epicenter of ransomware operations, follow the money, as Chainalysis finds that "roughly 74% of ransomware revenue in 2021 - over $400 million worth of cryptocurrency - went to strains we can say are highly likely to be affiliated with Russia in some way."
This edition of the ISMG Security Report analyzes what prosecutors say is the biggest cryptocurrency seizure in U.S. history as well as the biggest financial seizure. It also details how a school district CISO resigned over the district's handling of a severe data breach and busts Zero Trust myths.
Some of the biggest cybercrime-focused darknet markets selling stolen payment card data, passwords, malware and more have retired in the past year, with administrators oftentimes boasting it's because they've gotten rich. As they exit, other players remain ready to grab their market share, experts say.
A variety of underground markets exist to help malware-wielding criminals monetize their attacks, including via log marketplaces such as Genesis, Russian Market and 2easy, which offer for sale batches of data that can be used to emulate a victim, whether it's a consumer, an enterprise IT administrator or anyone in...
The latest edition of the ISMG Security Report features an analysis of whether the cyberattacks that hit Ukraine's government agencies last week are attributable to any group or nation-state along with updates to the cybersecurity executive order and illicit cryptocurrency trends.
Amid a surge in cryptocurrency investment - particularly across DeFi - blockchain experts warn that lax security was a main factor in $1.3 billion in cryptoassets being lost to hacks, exploits and scams in 2021. The losses, according to CertiK, rose from $500 million in 2020.
In the latest update, four ISMG editors discuss key cybersecurity issues, including myth busting from the founder of Zero Trust, the reason behind the surge in high-profile cryptocurrency scams in India and how ransomware attackers routinely lie about their inclinations, motivations and tactics.
To crack down on the criminal use of cryptocurrency, including for ransomware, authorities are increasingly targeting "cryptocurrency businesses that do not have the compliance controls in place necessary to mitigate the risks of illicit activity," says Ari Redbord of TRM Labs.
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