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US offers $10m to crypto hacker to track other Cybercriminals

TL;DR

TL;DR Breakdown

  • Crypto hacker in US to get $10m to track other cyber criminals
  • US using this approach to strengthen cyber defences
  • US has been hit recently by several cyber hackers

The United States Department of State has adopted a different approach of rewarding crypto hackers to catch cybercriminals.

Crypto hackers are going to get a $10m reward in cryptocurrency, a new initiative for the Rewards for Justice (RFJ) program towards putting an end to cybercrime. Also, individuals who can provide information leading to the identification of state-backed hackers can get the $10m reward.

US using crypto hackers to nab cybercriminals

The US DOS held a Black hat briefing for hackers and cybersecurity experts where they promoted the RFJ program. There was a QR Code stamped on flyers and T-shirts so attendants could scan it, taking them to the RFJ page with all the information about the reward.

Interested participants are to access the RFJ channel through the TOR browser, which enables anonymous browsing. The US authorities believe crypto hackers would prefer to use the dark web and modern technologies.

An official of the DOS who spoke in an interview with CNN said Dark Web that allows total anonymity and an initial level of security is probably more appropriate for those folks.

Strengthening cybersecurity defenses

Back in July, the DOS announced that Joe Biden‘s government would reinforce the country’s cybersecurity.

The US last month was hit by series of cyberattacks. Hackers hit the colonial pipeline operators, and they had to pay a ransom to gain access to their computers back.

JBS, the largest meat retailer in the country, was also hit by hackers prompting the US to take immediate action against cyber attacks.

The government had previously accused Russia and China of employing hackers to breach the defenses of US federal agencies and departments. DOS official who spoke to CNN also said that the Biden administration is inclined to track crypto transactions for “cybersecurity reasons.

The US has been keen on imposing stricter regulations around cryptocurrencies by supporting the Warner amendment. Several Democrat senators, also like Cynthia Lumis and Pat Toomey, have joined to make a revised amendment.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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