Biden to Discuss Cryptocurrency and Ransomware Issues at G-7 Summit

Joe Biden plans to address various cryptocurrency issues as well as the recent outbreak of ransomware cyberattacks at the G-7 summit to be held next month.

June 9, 2021 | AtoZ MarketsAt a press conference held at the White House yesterday, President Biden’s national security adviser, Jake Sullivan, stated that Biden plans to discuss various crypto-related issues during the G-7 summit.

Not only did Sullivan say that Biden will discuss cryptocurrency issues, but he also stated that examining the role of cryptocurrencies in cyberattacks should be a priority.

Sullivan believes that both NATO and any G-7 country should study these issues in preparation for next month’s summit.

Joe Biden to address cryptocurrency challenge

Biden appears to be the first sitting president to be forced to grapple with a wide range of crypto-related issues.

The president has not only focused on protecting himself from these ransomware attacks , but has also announced a crackdown on tax evaders through global data sharing.

The Administration has informed him that are making an extra effort to ensure that the traders in the crypto market comply with regulations and that any legal vacuum is quickly corrected.

Several Biden appointees have weighed in on the crypto landscape, with many expressing less than positive sentiments.

During yesterday’s press conference, Sullivan was quoted as saying that:

It is important to deal with the cryptocurrency challenge that is at the core of how these ransomware attacks are carried out. Ransomware is a national security priority. “

The statements come amid a victory against ransomware

The ransomware issue has been a hot topic this week after the US Department of Justice (DOJ) recently seized more than $2 million in ransom in BTC.

The seized ransom was turned over to a Russian hacking group called DarkSide after extortion from Colonial Pipeline, the Justice Department said.

This attack came during a series of cyber ransomware attacks believed to have originated in Russia and specifically targeted US-based companies such as Colonial Pipeline.

Read also: US Authorities Neutralize the NetWalker Ransomware Virus

The attack had ramifications that extended far beyond cryptocurrency wallets because it resulted in gas shortages across the entire East Coast.

Fortunately for Colonial Pipeline, the FBI was able to regain control of most of the 63.7 BTC stolen and return it.

The seizure took place in Northern California, allowing the FBI to access the hacker’s private wallet key and recover the stolen funds.

There is no official information on how exactly the private key was obtained. Special Agent in Charge Elvis Chan noted:

I don’t want to give up our trading craft in case we want to use it again for future endeavors.”

While Sullivan did not condemn cryptocurrencies in so many words, he did state his belief that Bitcoin and other digital assets tend to be “at the center” of these hacker attacks.

Biden won’t wait until the G-7 to begin discussing these issues. The president will meet Vladimir Putin soon and is expected to address cyber attacks emanating from Russia.

According to NBC News, ransomware groups have carried out more than 1,000 attacks globally in the last five months alone.

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