As the digital currency industry gains more popularity, there has been greater concern over the security of investing in the industry. Cybercrime, no doubt, is at the epicenter of these security concerns.
In an attempt to tackle cyber-related crime, the U.S. government under President Joe Biden’s administration has focused heavily on ransomware. It is a grave national security threat to his administration, and equally, digital currency poses a huge threat to anti-money laundering activities.
According to reports, experts have successfully linked four companies in Vostok laundering money through ransomware-related activities. The companies allegedly included in the shady cyber activities are Suex OTC, EggChange, Buy-bitcoin.pro., and CashBank.
Vostok is a tower at the heart of Moscow’s city center, considered to be the tallest skyscraper in Russia. As reported, the latest discovery shows a plethora of cyber criminal activity going on in the building, which allegedly facilitates business for hackers, cyber criminals, and money launderers.
Biden has taken the U.S. foreign policy on ransomware to the front burner to follow up the regulatory effort on digital currencies. The current administration has already stated that digital assets are risky to the United States’ sanctions regime, a core part of the U.S. foreign policy.
“These technologies offer malign actors opportunities to hold and transfer funds outside the collar-based financial system. They also empower our adversaries seeking to build new financial and payment systems intended to diminish the dollar’s global role,” according to the report by the U.S. Treasury Department.
Recent blockchain and digital assets developments in Russia
In recent times, there have been several blockchain and digital currency developments in Russia. Despite the constraints set by the Bank of Russia, private bank Tinkoff is reportedly studying digital currency services. This decision was made following the increased demand for digital currencies and digital assets in the country.
Earlier, Russia’s President Vladimir Putin pointed out that it is too early to use digital currency for oil trading. He claims it’s “still premature” to use digital currencies to settle energy resources trades such as oil.
Watch: CoinGeek New York panel, Investigating Criminal Activity on the Blockchain
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