Representatives from the European Union (EU) and 31 other countries met during a virtual summit this week to coordinate a global response to ransomware, per the Wall Street Journal.
“We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities,” the representatives reportedly said in a collective statement yesterday.
The representatives also said that internationally coordinated scrutiny of cryptocurrencies would be integral to facing the ransomware threat head-on. Ransomware groups, they said, can easily transfer any stolen funds to jurisdictions that aren’t up to scratch on tracking illicit transactions.
“We also recognize the challenges some jurisdictions face in developing frameworks and investigative capabilities to address the constantly evolving and highly distributed business operations involving virtual assets,” the representatives added.
Ransomware activities—and their associated ties to cry
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