U.S. to give ransomware hacks similar priority as terrorism, official says • Hacker News Board

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#71

Post by papito » Thu, Jun 03, 2021, 10:00 PM UTC

axlee wrote: post #45

chongli wrote: post #25

What about the other side of this? Instead of seeking backdoors and using them to spy on Americans, the NSA should be stepping up their game and securing vital infrastructure and domestic businesses against these attacks.

I'd rather not see taxpayers have to foot the bill for the profit of megacorps neglecting proper cybersecurity while sitting on mountains of tax-evaded offshore cash, thank you. The industry should be magnitudes larger than it is currently, and we shouldn't encourage corporate recklessness by socializing the costs.

Sure, but they are up against state-sponsored, highly trained actors, and that's not a fair fight. This requires the resources of the US Government as their bodyguard.

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#72

Post by daxfohl » Thu, Jun 03, 2021, 10:01 PM UTC

ocdtrekkie wrote: post #46

reader_mode wrote: post #29

Earlier quoted context omitted.

Difference is if corporations and funds can't hold bitcoin/crypto - you're back to $1/BTC. The whole value proposition of BTC hype bubble bursts if it's illegal in a major market like USA. Don't doubt some cyberpunk nuts will keep playing with it.

And presumably if nobody can easily convert large quantities of crypto to and from USD. Sure, you find an international exchange, willing to give you some other fiat, but American KYC laws are still going to be chasing you all over the globe.

I mean, it could still be used as an IOU of sorts for illegal activities. But if this is the sole remaining use case, I'd imagine there are better means for this than hosting on a public ledger.

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#73

Post by owenmarshall » Thu, Jun 03, 2021, 10:01 PM UTC

JumpCrisscross wrote: post #60

owenmarshall wrote: post #58

Earlier quoted context omitted.

AML, SDN lists - yes, all that is in scope. But enforcement has been uneven: it’s so far been about making US exchanges comply with KYC laws. Nobody has really gone further. What happens when a company is a victim of a ransomware attack and OFAC puts the extortion wallet on an exclusion list?

> What happens when a company is a victim of a ransomware attack and OFAC puts a wallet on an exclusion list? That wallets gets tainted? Its coins become less valuable? Marked wallets have been an obvious thing coming down the pipes.

The risk isn’t just to the person holding the wallet: it’s the risk of OFAC sanctions hitting the exchanges that takes dirty BTC and pays USD.

So now, know your customer turns from “be sure I don’t send USD to a specially designated national” to “be sure I never accept crypto from a burnt wallet.”

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#74

Post by TameAntelope » Thu, Jun 03, 2021, 10:01 PM UTC

NationalPark wrote: post #32

TameAntelope wrote: post #21

Earlier quoted context omitted.

How much success, historically, has the US government had at regulating math? I can't think of any, but it's not really my specialty so I'm curious if anyone's encountered a successful example.

Quite a lot? The SEC and ITAR both come to mind.

If you think the ITAR has stopped any math from dropping into "disallowed" hands in any meaningful way, I have a bridge to sell you.

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#75

Post by AnimalMuppet » Thu, Jun 03, 2021, 10:03 PM UTC

ocdtrekkie wrote: post #10

JumpCrisscross wrote: post #4

Curious if this will result in extraterritorial enforcement. For example, it's clear Moscow is either unwilling or unable to prosecute cyber criminals within its border.

That's one possible reading. Another is that the US will start working on their own Great Firewall, such that your packets need to be cleared by a metaphorical digital TSA to enter the country.

All that takes is the adversary bringing one person within the firewall (that is, within the country).

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#76

Post by jessaustin » Thu, Jun 03, 2021, 10:03 PM UTC

paxys wrote: post #66

So we are going to launch a trillion dollar war on ransomware which inevitably leads to more ransomware before patting ourselves on the back and saying "mission accomplished"? Are we also going to make ordinary citizens take off their shoes and get probed before using their computer?

Man, you're not supposed to take the authoritarians literally!

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#77

Post by meetups323 » Thu, Jun 03, 2021, 10:05 PM UTC

axlee wrote: post #45

chongli wrote: post #25

What about the other side of this? Instead of seeking backdoors and using them to spy on Americans, the NSA should be stepping up their game and securing vital infrastructure and domestic businesses against these attacks.

I'd rather not see taxpayers have to foot the bill for the profit of megacorps neglecting proper cybersecurity while sitting on mountains of tax-evaded offshore cash, thank you. The industry should be magnitudes larger than it is currently, and we shouldn't encourage corporate recklessness by socializing the costs.

If other States sent proper Armies over to attack critical infrastructure the US government would surely foot the bill to aid in security. Why should cyberarmies be treated more leaniently?

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#78

Post by paxys » Thu, Jun 03, 2021, 10:05 PM UTC

cma wrote: post #35

How about a crypto-wealth tax to pay for ransomware disruptions?

Yes, that definitely won't provide an incentive for hacker groups to release more ransomware

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#79

Post by labster » Thu, Jun 03, 2021, 10:06 PM UTC

qayxc wrote: post #57

labster wrote: post #39

Earlier quoted context omitted.

Cash is a solution to the problem of portable assets. Bitcoin is a problem in search of a solution.

> Cash is a solution to the problem of portable assets. Barely. The portability usually ends at country borders. > Bitcoin is a problem in search of a solution. Don't you mean "a solution in search of a problem?" Nice Freudian slip, though :)

I thought being a solution in search of problem was perhaps too charitable. Every joule we waste on hashes is another gram of carbon in the air. And it is all waste — the only problem cryptocoins solve better than other solutions is illicit transactions. It’s not even close to as anonymous as cash.

Coinage used to be more portable in the days of precious metal coins. But honestly I’ve had very little barriers in converting cash. It’s a solved problem.

Re: U.S. to give ransomware hacks similar priority as terrorism, official says

#80

Post by khuey » Thu, Jun 03, 2021, 10:06 PM UTC

TameAntelope wrote: post #21

ocdtrekkie wrote: post #2

Whelp, that's the end of cryptocurrency... probably should sell your HODLings now. If we're going to Patriot Act the crud out of ransomware, Bitcoin is gonna be illegal.

How much success, historically, has the US government had at regulating math? I can't think of any, but it's not really my specialty so I'm curious if anyone's encountered a successful example.

They don't have to regulate math, they just have to regulate where cryptocurrency touches the "real" financial system which they're actually really good at.