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According to US security adviser Jake Sullivan, President Joe Biden will discuss directly the role of cryptocurrencies in the attack on the Colonial Pipeline and other ransomware.
During a press conference at the White House on June 7, Sullivan said US officials, including President Joe Biden, would like to see an action plan related to ransomware attacks. during the president’s visit to the G7 summit this weekend.
The national security adviser said the plan will address resilience to such attacks, how to share information with other countries, and how to deal with the crypto challenge.
Sullivan said cryptocurrency is at the core of how these ransom transactions are carried out. His comments come after hackers breached Colonial Pipeline’s network in May, allegedly forcing the company to pay $4.4 million in ransom.
Sullivan thinks this must become a priority going forward, referring to the G7 addressing such ransomware attacks. He described the issue as a different severity of security threat that the G7 needs to be concerned about.
President Joe Biden, personally, was largely silent about cryptocurrency and blockchain when he was vice President under former President Barack Obama and during his campaign. In July 2020, Joe Biden said he does not hold Bitcoin (BTC), following a massive hack that took over popular accounts and asked their followers to deposit cryptocurrency.
However, the Biden administration is said to be considering protecting investors against the sell-off. The G7 summit is scheduled to be held in the United Kingdom from June 11-13. It will be Biden’s first overseas trip as US president since he took office in January this year.
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