In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Lately, news headlines are focused on regulators’ concerns over the lack of investor protections in the cryptocurrency market, which has ballooned to more than $2 trillion, and the possible risks to financial stability. National security agencies across the administration of United States President Joe Biden are grappling with high-profile cases of cryptocurrencies playing a role in ransomware attacks, intellectual property espionage, sanctions …

Australia’s top cyber spies are set to gain greater powers in the event of ransomware or other cyber attacks on critical infrastructure. The Australian Signals Directorate (ASD), a government agency in charge of cyber warfare and information security, would be able to take over control of critical infrastructure — including energy, communications and banking systems — under new legislation introduced into Parliament. The legislation even includes health care and grocery businesses under the definition of critical infrastructure and imposes new positive security obligations. For ASD operatives to provide assistance, operators from the affected infrastructure would have to report a serious …

Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders. The new measures and proposed Surveillance Legislation Amendment announced by the federal government on Wednesday come after a 60% surge in cyberattacks on Australian businesses and state agencies last year. According to reports, these incursions cost the economy AU$1.4 billion (around $1 billion dollars). The Ransomware Action Plan would give authorities the power to seize or freeze financial transactions in cryptocurrencies that are associated with cybercrime regardless of the country of origin. The government aims to modernize current legislation to make it …

Blockchain analytics firm Chainalysis has purchased cybercrime investigative company Excygent for an undisclosed amount, hinting that the two will continue to work together to help “dismantle ransomware operations.” In a Tuesday announcement, Chainalysis CEO Michael Gronager said the firm had collaborated with Excygent on the seizure of cryptocurrency connected to the now-defunct darknet market Silk Road, shutting down a major child abuse website, disrupting campaigns related to the financing of terrorism and other projects. Gronager said staff from Excygent would join the firm’s Investigations and Special Programs team to support investigations of thecryptocurrency used in cybercrimes. “Following the flow of …

As cryptocurrency adoption continues apace in the United States, lawmakers want to better understand how it’s used — for both legal and illegal purposes. The Ransom Disclosure Act, introduced by Senator Elizabeth Warren and Representative Deborah Ross, would require victims of ransomware attacks to disclose information about ransom payments to the Department of Homeland Security (DHS). The bill, introduced on Tuesday, aims to gather critical data on fiat and cryptocurrency payments and protect investors from cybercrimes. In an ongoing effort to curb illicit financial activities in the U.S., Warren’s legislation aims to develop “a fuller picture” of ransomware attacks: “My …

The United States Department of the Treasury has announced it will impose sanctions on the Czech Republic and Russia-based business Suex OTC for allegedly allowing hackers to access cryptocurrency sent as payment for ransomware attacks. In an advisory update issued on Tuesday, the Treasury Department Office of Foreign Assets Control, or OFAC, added Suex OTC to its list of Specially Designated Nationals for which “assets are blocked and U.S. persons are generally prohibited from dealing with them.” The government agency listed Suex OTC’s offices in Moscow and Prague, as well as its website and 25 crypto addresses for Ether (ETH), …

Some United States senators are ramping up the anti-crypto rhetoric again, urging federal agencies to take action against the illicit use of digital assets. Senator Maggie Hassan is the latest to raise concerns about the use of cryptocurrency as a means of payment for ransomware attacks. The Senate Homeland Security and Governmental Affairs Committee member sent a letter on Thursday to several agencies, including the Justice Department, the Department of Homeland Security, the Internal Revenue Service, the Securities and Exchange Commission, and the Treasury Department’s Financial Crimes Enforcement Network. In it, she aired her concerns, citing a recent case in …

The United States government is offering rewards in cryptocurrency for information relating to the operations of enemy state-backed hackers or suspected terrorists. The U.S. State Department’s new “Rewards for Justice” platform allows informants to submit anonymous tips and information in return for rewards in digital assets. The platform was promoted at the Black Hat USA event, which ran from July 31 to Aug. 5 in Las Vegas, with users able to submit tips via an unsecured Wi-Fi network called #Rewardsnotransoms. The open network was purposely set up to encourage attendees to log in and access the RFJ website, according to …

IT software provider, Kaseya, has announced it is providing its clients with a decryption tool to recover customer data that was locked in a ransomware attack earlier this month. In a July 26 notice on its website, the global technology firm stated it has been assisting its customers with the restoration of their encrypted data in partnership with cybersecurity company Emsisoft. It has been issuing a mysterious “decryptor” tool enabling customers to access data that had been locked by the malware disseminated in the July 2 attack. “The decryption tool has proven 100% effective at decrypting files that were fully …

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Talk about ending a stellar career at the United States Department of Justice with a bang. The DoJ’s first-ever “crypto czar,” Michele Korver, advised government attorneys, federal agents, the Department of the Treasury’s Financial Stability Oversight Council and the U.S. delegation to the Financial Action Task Force on cryptocurrency matters, and she developed cryptocurrency seizure and forfeiture policy and legislation. While she …

A blockchain-based platform that’s focused on the healthcare sector is developing a brand-new feature designed to ramp up security even further. Radiologex — which already offers built-in Know Your Customer checks and password-free biometric verification — is planning to unveil Authlogex for added blockchain security. The startup enables patient files to become truly interoperable and available anywhere in real time. But rather than have users send documents and trust they have been received, Authlogex is designed to follow the communication trail from start to finish — ensuring that sensitive information is accessed by the right people. Permission to view documentation …

About 2,000 years ago during its Han dynasty, China made peace with some of the nomadic people of Central Asia who continuously ransacked Silk Road traders for an easy payday. It did so in order to fully establish the Silk Road trade route, which stretched from China to Europe, and to secure a great source of wealth from trading in luxury goods. Now, as trade increasingly has shifted to the digital realm during the global COVID-19 pandemic, cyberattackers are taking advantage of organizations’ lax cybersecurity measures. They are using ransomware to lock these organizations’ data with encryption until a ransom …