WSJ: Treasury Department Planning Order to Make Ransomware Crypto Payments More Difficult

The U.S. Department of Treasury is reportedly planning a new order, potentially “next week,” to lodge sanctions to limit hackers from collecting cryptocurrency to profit from ransomware strikes.

According to The Wall Street Journal, “people familiar with the matter” noted that the agency is preparing to roll out new rules to specifically target money laundering and “terror finance” by restricting the use of cryptocurrency as payment.

The department will also allegedly post new guidance and an “array of actions” to promote understanding of the risks associated with making ransomware payments, as well as to make it more difficult for hackers to “profit from ransomware attacks.”

The WSJ noted that President Biden’s administration is seeking to “choke off” access to crypto payments in a bid to prevent ransomware effectiveness.