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
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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.


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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.

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