Australian Authorities Can Now Seize Crypto Related Cybercrime

The Australian authorities are working on a new law that will allow them to seize or freeze any cryptocurrency related to cybercrime or ransomware attacks as we can see more about your electronic money in the news.

Australian authorities are taking a tougher stance on ransomware with a new plan to increase penalties for those who break the law. Proposed New Measures and Regulations The Surveillance Amendment announced by the federal government will come into effect in 2018 after a 60 percent increase in cyber attacks on Australian businesses and public institutions. The ransomware action plan will enable authorities to seize or freeze cryptocurrency financial transactions associated with cybercriminals regardless of their country of origin.

The Australian government also wants to modernize the law and make it easier for authorities to recover crypto funds stolen by cyber criminals.

Home Secretary Karen Andrews stated that the new measures are aimed at preventing attacks from hackers around the world on Australian businesses:

“Our tough new laws will target these online criminals and target the cybercriminals where it does the most damage – their bank balances.”

The handling of stolen data and the sale of malware used in ransom attacks are also prosecuted. In July, an inter-agency task force called Operation Orcus was formed to combat ransom attacks, and most of these attacks originated in Russia with the use of malware such as ReVil or DarkSide to encrypt or steal data and then get back a huge deposited ransom in cryptocurrency . There have been multiple attacks on Australian markets including one on Uniting Care Queensland, Nine Entertainment, Lion and the NSW Labor Party and many more. The attack on meat processing company JBS in May forced the company to close 47 operations in Australia.

The US legislature is also working to combat ransomware. Earlier this month, Senator Elizabeth Warren introduced the Ransomware Disclosure Act, which aims to collect data on the role of cryptocurrencies in ransom attacks. Chainalysis also bought Excygent, the cybercrime investigative firm, to strengthen its arsenal in the fight against cybercrime.

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