- Jul 27, 2015
The White House's second International Counter Ransomware Initiative summit has concluded, and this year the 36-nation group has made clear it intends to crack down on how cryptocurrencies are used to finance ransomware operations.
Last year's summit ended with far fewer actionable, concrete steps in this direction, concluding with a joint statement indicating "countering illicit finance" was a priority without stating in specific terms that the Countering Ransomware Initiative (CRI) was focused on cryptocurrencies. The tone is more direct and focused this time around. The White House, which hosted the summit, said the CRI group planned to "take joint steps to stop ransomware actors from being able to use the cryptocurrency ecosystem." The CRI said sharing information about known crypto wallets used for laundering ransom funds was one part of the new strategy. The CRI group said its anti-crypto work will focus on "the development and implementation" standards to tackle "money laundering" and the "financing of terrorism". This includes the 'know your customer' rules to mitigate misuse of crypto by cyber criminals."