THE DAILY ENCRYPT

October 3, 2022

FBI to Ask The Public For Bitcoin Wallet Details to Track Crypto Hackers

Along with two other federal agencies, CISA, and MS-ISAC the FBI asked Americans to report any information that could help track down the location of...
police lights FBI
Photo by Max Fleischmann

Along with two other federal agencies, CISA, and MS-ISAC the FBI asked Americans to report any information that could help track down the location of hackers. 

The advisory sought information on ransomware attacks by three federal agencies: the Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (Cybersecurity and Infrastructure Security Agency) and the Multi-State Information Sharing and Analysis Center.

The #StopRansomware campaign saw the joint cybersecurity advisory notify citizens of Vice Society about a ransomware-type program, which encrypts data and requires ransom to decrypt it.

Ransomware attacks will increase over time

According to the trio, ransomware attacks will increase in frequency, with a focus on educational institutions. They also noted that schools districts with constrained cybersecurity resources and limited cybersecurity capabilities are often the most vulnerable.

Related Articles:  Web2 Giant Google is Perfectly Aligned for Web3 Adoption

Although proactive measures are still vital in countering ransomware, the FBI requested that US citizens report any information that could help track down the location of hackers. The FBI is looking for Bitcoin ( BitcoinTC) wallet information and ransom notes. It also wants IP addresses that are linked to the attacker.

Authorities can track bitcoin transactions from wallets

Authorities can track illicit transactions on Bitcoin’s immutable Blockchain using wallet addresses without worrying about the trail becoming cold.

Although Bitcoin allows for frictionless cross-border transactions across borders, most criminals prefer to use fiat currencies to finance their illicit activities. It was also discovered that only 0.1% of blockchain activity in 2021 was related to crime. This trend has been steady year after year.

Related Articles:  Binance Customers Can Now Join The Ethereum PoW Mining Pool With No Fee

The federal agencies discourage Americans from paying ransom, as payment does not guarantee that victim files will be recovered.

Recently, the Dutch Public Prosecution Service found crypto wallets linked to a ransomware attack against Netherland’s Maastricht University.

Ransomware hackers froze all assets at UM in 2019, including research data and emails, as well as library resources. UM eventually agreed to pay EUR200,000 in Bitcoin for the hacker, currently worth around EUR500,000.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES