White House Convenes Summit for Stopping the Spread of Ransomware

Among other moves, President Biden’s office plans to share information with partners about crypto wallets used for laundering extorted funds.

AccessTimeIconNov 1, 2022 at 10:14 p.m. UTC
Updated Nov 2, 2022 at 2:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Biden administration brought together 36 countries and the European Union for its second International Counter Ransomware Initiative (CRI) summit to counter the global spread of ransomware.

Among other initiatives, the CRI plans to establish an International Counter Ransomware Task Force (ICRTF), share technical information about ransomware with a wide range of stakeholders and provide an "investigator’s toolkit" to CRI partners.

Significantly, the CRI also has committed to “take joint steps to stop ransomware actors from being able to use the cryptocurrency ecosystem to garner payment.” This would include sharing information about crypto wallets used for laundering funds, as well as developing and implementing anti-money laundering/combating the financing of terrorism (AML/CFT) crypto standards. Among those standards would be “know your customer” (KYC) rules to reduce their misuse by cyber criminals.

On Tuesday, the Financial Crimes Enforcement Network (FinCEN) also published a report on ransomware payments, finding they grew over the past year but without detailing what portion of that growth was in crypto.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Nelson Wang

Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.