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Biden Warns Russia's Putin to Act on BTC Ransomware After $70 Million Attack

2 min read

In a phone call today, President Joe Biden told his Russian counterpart, Vladimir Putin, that the US will take “any necessary action” to combat ransomware, according to the White House.

Ransomware is a kind of cyberattack in which hackers lock people, businesses or organizations out of their own computer networks and demand payment, often in BTC, to regain access.

A series of ransomware attacks has hit the US, most recently against IT company Kaseya and the thousands of organizations that use its software. REvil, a Russia-based cybercrime outfit has demanded $70 million in BTC to restore operations. The group was also behind a May attack of meatpacker JBS, which ultimately paid $11 million in BTC to the group.

What the REvil Ransomware Attack Means for BTC

REvil is not a state actor. But, says Biden, that doesn’t matter.

“I made it very clear to [Putin] that the United States expects when a ransomware operation is coming from his soil even thought it’s not—not—sponsored by the state,” he told reporters, “we expect them to act if we give them enough information to act on who that is.”

President Biden also told reporters that the two countries have “set up a means of communication” to discuss such matters regularly.

Biden had last month pledged that there would be consequences if Putin failed to act, but the Kaseya attack last week—the biggest of its kind to date—has tested his resolve.

When asked if there will still be consequences, Biden answered, “Yes.”

Source

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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