United States Department to Rewards Cybercrime Informants in Cryptocurrency

Azeez Mustapha
16 August 2021 | Updated: 16 August 2021

The United States Department (DOS) has formulated a new initiative to curb the proliferation of cybercrime in the country. The initiative, which is termed the Rewards for Justice (RFJ), will offer up to $109 million in cryptocurrencies to anyone with credible information on the identification of state-backed hackers.

The DOS was in attendance at the recently concluded Black Hat Briefings conference, which hosted hackers and cybersecurity experts from across the globe. The State Department promoted the RFJ program through a QR code printed on flyers and t-shirts so attendants could scan the code and get all information about the reward.

An official from the State Department told CNN that:

“Something on the Dark Web that allows total anonymity and an initial level of security is probably more appropriate for those folks.

So just finding people where they are and reaching them with the technology on which they are most comfortable, I think, is the name of the game for Rewards for Justice.”

United States Government Focused on Creating Strict Regulation for Crypto Industry

The DOS quietly announced a month ago, following the Biden administration’s decision to strengthen cybersecurity in the US. The administration has accused Russian and Chinese authorities of contracting hackers to attack several US federal agencies and departments.

One of the major additions to the RJF, which has been in existence for four decades, is the option of cryptocurrency rewards for informants. The agency noted that:

“We provide wire transfers we actually can still deliver – and do deliver – suitcases full of cash we can provide in-kind rewards. And now a recipient will be able to choose whichever cryptocurrency they like.”

Meanwhile, the Biden administration remains focused on imposing stricter regulations around cryptocurrencies by supporting the Warner amendment. However, many analysts argue that this amendment causes more damage than not to the inefficient Infrastructure Bill.

That said, despite having support from Senators like Cynthia Lumis and Pat Toomey, the Warner amendment failed to reach a conclusive agreement in Congress due to the stubborn opposition to the proposal by Senator Richard Shelby.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.