Meanwhile Insurance, an insurance tech startup, is gaining attention by incorporating Bitcoin payments into its platform.
Tag: bitcoin payments
U.S. to Target Crypto Ransomware Payments with Sanctions
The Biden administration is preparing an array of actions, including sanctions, to make it harder for hackers to use digital currency to profit from ransomware attacks, according to people familiar with the matter. The government hopes to choke off access to a form of payment that has supported a booming criminal industry and a rising… Continue reading U.S. to Target Crypto Ransomware Payments with Sanctions
FBI Says Don’t Pay Ransom, While Payments May Be Tax-Deductible
As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple tax experts interviewed by The… Continue reading FBI Says Don’t Pay Ransom, While Payments May Be Tax-Deductible
Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers
U.S. authorities have recovered millions of dollars in digital currency paid to the hackers who hit a major East Coast fuel pipeline with a ransomware attack last month, in a law-enforcement operation that officials said demonstrated progress undermining criminals’ ability to disrupt American commerce and critical infrastructure for profit. Investigators seized about 64 bitcoin, valued… Continue reading Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers
Lawmakers Call for More Transparency Over Cyber Ransom Payments
Following a recent spate of cyber-attacks aimed at U.S. companies, more transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said. Mark Warner, chairman of the Senate Intelligence Committee, spoke days after a top U.S. meat producer needed to shut down facilities that account for almost a… Continue reading Lawmakers Call for More Transparency Over Cyber Ransom Payments