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On April 16, 2024, the House Financial Services Committee's National Security, Illicit Finance, and International Financial Institutions Subcommittee held a hearing focused on the threats posed by ransomware to the financial system. The hearing, titled 'Held for Ransom: How Ransomware Endangers Our Financial System,' was convened by Subcommittee Vice Chair Representative Young Kim. During the session, discussions highlighted the dangers ransomware attacks pose to financial systems and American consumers. Additionally, Representative Wiley Nickel clarified that cryptocurrency transactions used for ransomware are not anonymous or untraceable, emphasizing that blockchain technology provides enhanced tracking capabilities.
Thank you @RepWileyNickel for taking time in today’s hearing to clear the record: crypto transactions used for ransomeware are NOT anonymous or untraceable. In fact, it’s the opposite. Blockchain tech offers enhanced tracking/tracing capabilities unlike legacy financial… https://t.co/BASC4kOWIC
#LiveNow: Subcommittee Vice Chair @RepYoungKim convenes the National Security, Illicit Finance, and International Financial Institutions Subcommittee for a hearing entitled "Held for Ransom: How Ransomware Endangers Our Financial System." 📺 Tune in 🔗 https://t.co/RpsXur01vv https://t.co/k9ZCCMnr9j
Ransomware attacks endanger financial systems & hurt American consumers. I’m joining today’s @FinancialCmte’s National Security Subcommittee hearing on protecting Americans from ransomware. Tune in ⬇️ https://t.co/lV3IgcGSxV
