The United States Treasury Department has filed the first U.S. sanction against the rising cryptocurrency exchange. This detail was confirmed this Tuesday, Sept. 21.
The U.S. Treasury Department explained that the sanction was released because authorities claimed that hackers use digital currency transactions to conduct ransomware attacks.
As of the moment, cryptocurrency is still an unregulated market. Cryptos across the globe still have freedom from various governments in different countries. Because of this, many individuals are now investing their money in the market.
However, since it is still unregulated online, attackers use this opportunity to do malicious activities. Right now, cybersecurity firms explained that ransomware attackers usually ask for crypto, such as BTC, before they return their victims' stolen data.
First US Sanction Against Crypto
According to CNBC's latest report, the U.S. Treasury Department reiterated that almost all cryptocurrencies are legal. However, government authorities explained that online actors are still using these digital currencies for exploitation.
Right now, crypto transactions are still decentralized. Because of this process, security experts find these online activities harder to track compared to regular banking transactions.
This is one of the main reasons why hackers prefer receiving crypto payments instead of actual cash. Aside from the U.S. Treasury Department, ECB President Christine Lagarde also finds digital currencies unreliable, saying that cryptocurrency isn't a real currency.
On the other hand, South Korea announced it would suspend over 60 crypto exchanges. This just shows that various big names are now concerned about the risk that crypto poses, especially since hackers and other cyber attackers are now becoming more rampant.
Rumors Claim Crypto Regulation Could Arrive
Based on the recent Entrepreneur report, it seems like some critics claim that crypto business regulation could really happen.
The Securities and Exchange Commission (SEC) recently announced that it wants to sue Coinbase, one of the largest crypto exchange platforms in the United States.
The case is being hinted at after authorities discovered that the platform offers investing interests, which are not regulated.
On the other hand, various speculations said that the decision of the SEC is a sign that the U.S. wants to regulate the rising digital currencies in the country.
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Written by: Griffin Davis