Bitcoin drops as efforts to track ransom payments into data hijackings

Bitcoin and other cryptocurrencies plunged in value Thursday after it was learned that the United States has formed a working group to try to develop a strict tracking of the use of this type of currency to pay ransoms for recent data hijackings. Months.

The Joe Biden administration’s plan is to develop tracking the source of funds paid to “hackers” who have dedicated themselves to preventing the proper functioning of corporations, government agencies and other groups, while trying to provide $10 million in information exchange that leads to the identification of cybercriminals.

Thus, Bitcoin approached $31,000 this Thursday, declining 3.5% and staying at $31,550, a figure that contrasts sharply with the nearly $65,000 the cryptocurrency was worth last April.

Another cryptocurrency, MicroStrategy, was down 3.5% on Thursday, while Marathon Digital Holdings fell 0.65%, Blockchain 1.3% and Coinbase 2.3%.

This Wednesday, Bitcoin and Dogecoin reached their lowest values ​​in the past three weeks, while Ether reached their lowest values ​​in the past two weeks.

In addition to the measures that the United States plans to adopt, these currencies were also affected by the recent statements of Federal Reserve Chairman Jerome Powell, who confirmed in remarks Thursday before the country’s Senate that both Bitcoin and other cryptocurrencies have failed to become a means of payment, except for those who want to remain anonymous.

In recent months, cryptocurrencies have been used to pay millions of dollars in ransoms in various cyber attacks in which data has been hijacked from companies, including meat company JBS and Colonial Pipeline.

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Myrtle Frost

"Reader. Evil problem solver. Typical analyst. Unapologetic internet ninja."

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