- Cryptojacking and ransomware attacks have surged in recent years
- The United States government has accused four individuals of executing such attacks
- The President believes that China’s Ministry of State Security is involved in these activities
- The government has its four-part-counter-ransomware strategy to tackle such crime
Cryptojacking is a method of using someone’s computing power to mine cryptos without their consent. The activity is considered a cybercrime, which is increasing with the booming crypto prices. In a recent White House press release, the United States president accused the Chinese state authorities of ransomware and cryptojacking attacks. Joe Biden claimed that the Chinese authorities are supporting cyberattacks. Indeed, such cyber attacks also include ransomware, digital extortion, and theft.
Does the Chinese MSS support cryptojacking?
On Monday, as part of a more comprehensive statement, Joe Biden claimed that the Chinese Ministry of State Security (MSS) has malicious hands. The US president claimed that the MSS is involved in the massive Microsoft Exchange email hack earlier this year. The attack compromised about 30k organizations using the services.
US federal government charged four individuals
The Joe Biden government has charged four individuals for executing malicious attacks. And claimed that they work for the MSS with espionage and computer damage crimes.
According to the press release, hackers with a history of working for the PRC MSS were engaged in ransom attacks, cyber-enabled extortion, and cryptojacking. Moreover, such malicious actors were also involved in rank theft from victims globally. Therefore, it is expected that the attacks were introduced all for only financial gains.
Cyber and financial crimes are soaring
With the world shifting towards digitalization, cyber crimes are also soaring. Notably, ransomware attacks have been observed making headlines since the beginning of this year. These attacks are not only helping the illicit actors gain finance but also impacting the critical infrastructure.
The United States government has announced new initiatives following the scenario. It is known that the initiatives will help tackle such digital crimes. Moreover, the industries are also expected to assist in finding ways of preventing such attacks and tracking cryptocurrency payments during these attacks.
US has its four-part-counter-ransomware strategy
On Sunday, in a press call, the United States government mentioned its efforts regarding cyber-attacks and cryptojacking. The government revealed that it has a four-part-counter-ransomware strategy. It is found that the strategy focuses on digital currencies. And it is working with other countries globally to create a coalition to hold Russia and other countries accountable for disrupting the actor’s infrastructure.