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Skewed data: How could a new US law boost blockchain analysis?

Cryptocurrency Apr 02, 2022 01:00PM ET
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Skewed data: How could a new US law boost blockchain analysis?

2020 was a record year for ransomware payments ($692 million), and 2021 will probably be higher when all the data is in, Chainalysis recently reported. Moreover, with the outbreak of the Ukraine-Russia war, ransomware’s use as a geopolitical tool — not just a money grab — is expected to grow as well.

But, a new U.S. law could stem this rising extortionist tide. United States President Joe Biden recently signed into law the Strengthening American Cybersecurity Act, or the Peters bill, requiring infrastructure firms to report to the government substantial cyber-attacks within 72 hours and within 24 hours if they make a ransomware payment.

U.S. President Joe Biden and Office of Management and Budget Director Shalanda Young at the White House, March 28, 2022. Source: Reuters/Kevin Lamarque

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Skewed data: How could a new US law boost blockchain analysis?
 

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