US Treasury Warns Crypto Firms Not To Pay For Unknown Ransomware Victims

According to the Cointelegraph, on October 2, two US Treasury Department agencies announced ransomware payments, claiming it posed a threat to national security. The Financial Crimes Commission (FinCen) warns that cryptocurrency companies have a responsibility to send notices of fraudulent activity to victims if they want them to use their services. These organizations include Digital Forensics and Emergency Response (DFIR) and Cyber ​​Insurance Companies (CIC), most of which are liquidity providers who receive legitimate cash instructions from their clients and convert them to CVCs. to provide virtual results (CVC). It then converts CVC to a criminally managed account to deliver ransomware money to cyber criminals. The report also points out that while Bitcoin is still the preferred form of cybercriminals, there has been an increase in the use of private coins.