US-based federal agencies aim to stop ransomware attacks through Bitcoin wallet information | The Financial Express

US-based federal agencies aim to stop ransomware attacks through Bitcoin wallet information

According to Cointelegraph, as part of the #StopRansomware campaign, the joint cybersecurity advisory notified citizens of Vice Society, which is a ransomware-based program to encrypt data and needs ransom for decryption

US-based federal agencies aim to stop ransomware attacks through Bitcoin wallet information
Reportedly, individuals affected by ransomware attacks will be able to report the matter by visiting a local FBI office or through usage of official communication channels

Three federal agencies in the United States being Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency, and Multi-State and Information Sharing and Analysis Center, have made a joint issuance on an advisory on information necessary to stop ransomware attacks, as reported by Cointelegraph. 

According to Cointelegraph, as part of the #StopRansomware campaign, the joint cybersecurity advisory notified citizens of Vice Society, which is a ransomware-based program to encrypt data and needs ransom for decryption. The three companies expect an increase in ransomware attacks aimed towards educational institutions, adding that school districts with less cybersecurity capabilities and resources are considered to be vulnerable. While measures are considered important to counter ransomware, FBI asked US citizens to give information needed to track hackers. The kind of information necessary revolves around Bitcoin (BTC) wallets, ransom notes and IP addresses connected to the attacker.

On the basis of information by Cointelegraph, through usage of wallet addresses, authorities can retract illegal transactions on BTC’s blockchain. Reportedly, the three federal agencies have discouraged Americans from ransom-based payments, as it is not guaranteed that the victim’s files will be retrieved, Now, individuals affected by ransomware attacks will be able to report the matter by visiting a local FBI office or through usage of official communication channels.

Moreover, Cointelegraph noted that the Dutch Public Prosecution Service recently tracked down cryptocurrency wallets related to a ransomware attack on Netherlands-based Maastricht University (UM). 2019 saw a ransomware attack freezing every asset of UM such as research data, emails and library resources. Later, UM made an agreement to pay the hacker’s demand of 200,000 euros in BTC, which has a current valuation of close to 500,000 euros.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.

(With insights from Cointelegraph)  

Also Read: Venture capitalists made investments worth $14.2 billion towards cryptocurrencies: Report

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