May 29, 2022
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US Treasury warns crypto firms on Russia cybersecurity threat — source

US Treasury warns crypto firms on Russia cybersecurity threat — source

The US Treasury Division has reached out to cryptocurrency corporations about their cybersecurity controls amid issues that Russia may wage retaliatory cyber assaults in response to Western sanctions, in response to an individual acquainted with the state of affairs.

The US and its allies have unleashed a slew of sanctions focusing on Russia’s banks, state-owned entities, and elites, amongst others, following the nation’s invasion of Ukraine.

Governments have warned for weeks that Russia or its allies may perform cyber assaults in retribution for sanctions, main banks to extend monitoring, scenario-planning and line up further workers in case hostile exercise surges.

In an indication US regulators see the ballooning cryptocurrency business as a rising source of systemic danger, US Treasury officers have additionally been in discussions with cryptocurrency exchanges and commerce teams to make sure US digital belongings are secure, mentioned the particular person acquainted with the matter.

Officers are additionally sharing indicators that IT techniques have been compromised, resembling a community infiltration or an information breach, with crypto and different monetary firms, the particular person mentioned.

The worth of all cryptocurrencies surged previous $3 trillion final yr, with roughly 13% to 14% of People invested in digital belongings as of 2021, in response to analysis by the College of Chicago.

Because the digital asset has change into extra fashionable, crypto hacks have grown. Final yr, for instance, an nameless hacker stole roughly $600 million in cryptocurrencies from Poly Community, a decentralized finance community, earlier than giving it again. Hackers additionally stole at the very least $150 million from crypto alternate BitMart.

Regulators have warned that crypto routs or runs on crypto currencies may pose a danger to the broader monetary system.

Some US lawmakers have expressed concern that digital belongings might be used to evade Western sanctions, though Biden administration officers have performed down that danger. — Hannah Lang/Reuters

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