U.S Senate Speculates Use of Cryptos In Cybercrimes

U.S Senate Speculates Use of Cryptos In Cybercrimes

The rise of technology together brings efficient ways for crime to flourish also. Amidst this, the rise of cryptocurrency gave even more efficient possibilities. Ever since the introduction of cryptocurrency to the world, most of the underworld dealings, illegal drugs trafficking, and especially cybercrimes all have been transacted through cryptocurrencies. And so, the Senate Homeland Security and the Government Affairs Committee put forth their speculations on the subject.

The U.S Senate’s Speculations 

Digital assets are now the most preferred in terms of whatsoever transactions it’s being made for. This is the reason they are not being accounted for or usually taxed except for their exchange fees. 

And so, these digital assets are in the eyes of the government authorities being screened and tracked profusely. Moreover, the usage of cryptocurrencies upon ransomware hacks is especially on the rise.

Therefore, taking this to their hands the U.S senate starts its investigation upon all such cryptocurrency usages among all kinds of ransomware hacks and other cybercrimes. 

Upon all this, the head of the  Senate Homeland Security and the Government Affairs Committee, Gary Peters states that he would start an in-depth investigation on how cryptocurrency is helping cybercrimes.

In addition, he also states they will soon find out more prominent ways in which the Feds could tackle them. 

On the other hand, just about a week ago the court held onto its hearing upon the ransomware. Yet, right now the senate shifts its focus towards the cryptos. 

The Senate Holder’s Views

Gary Peter states the cryptocurrency usages are now increased and are further on rising for all kinds of payments for all kinds of ransomware attacks. 

In spite of all this, Peters further puts forth one major reason why all crime minds prefer cryptocurrencies is the fact they believe they would not be accountable if caught. 

Furthermore, Peters reveals that in the year 2020, the ransomware attacks sought a rise of 150% to about $412 million. 

In addition to this Peters also revealed an ongoing ransomware attack at present which has held more than 200 networks as its hostage for about $70 million.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.