As the digital currency industry grows in popularity, there are more and more concerns about the security of investing in the industry. Cybercrime is undoubtedly at the epicenter of these security concerns.
In an attempt to tackle cybercrime, the US government under the administration of President Joe Biden has focused heavily on ransomware. This is a serious threat to the national security of his administration, and in the same way, digital currency poses a huge threat to anti-money laundering activities.
According to reports, experts managed to partner four companies with Vostok to launder money through ransomware-related activities. The companies allegedly included in the shady cyber businesses are Suex OTC, EggChange, Buy-bitcoin.pro. and CashBank.
Vostok is a tower in the heart of downtown Moscow, considered the tallest skyscraper in Russia. As noted, the latest discovery shows a plethora of cybercriminal activity going on in the building, which allegedly facilitates the business of hackers, cybercriminals and money launderers.
Biden has put U.S. foreign policy on ransomware front and center to keep up with the regulatory effort on digital currencies. The current administration has previously said that digital assets are risky for the United States’ sanctions regime, a critical part of U.S. foreign policy.
âThese technologies provide opportunities for malicious actors to hold and transfer funds outside of the collar-based financial system. They also empower our adversaries seeking to build new financial and payment systems aimed at reducing the global role of the dollar â, according to to the US Treasury Department report.
Recent developments in blockchain and digital assets in Russia
In recent times, there have been several blockchain and digital currency developments in Russia. Despite the constraints imposed by the Bank of Russia, the private bank Tinkoff is would have study digital currency services. This decision was made in the wake of the increased demand for digital currencies and digital assets in the country.
Earlier, Russian President Vladimir Putin pointed out that it is too early to use digital currency for oil trading. He says it is “still premature” to use digital currencies to regulate trade in energy resources such as oil.
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