Russia might take help of ransomware payments to fund Ukraine war costs

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Russian war has entered its third week and the leader of the nation seems to be in no mood to give up. However, reports are in that Putin is finding it hard to break the resistance of Ukrainians and is falling short of finances, fuel, water and food supplies essential to keep his military units alive on sea, air and on land.

With strict sanctions placed by West and withdrawal of rubble currency usage at international markets, Vladimir Putin’s nation is left with no other choice rather than to launch cyber attacks on financial institutions and cryptocurrency exchanges to siphon funds.

The Financial Crimes Enforcement Network (FinCEN) has issued an alert on this note and advised all banks and crypto exchanges operating in UK and USA to stay vigilant about high-value transactions and keep a track on ransomware attacks and later developments.

FinCEN states Putin might follow the tracks of North Korea’s leader Kim Jong Un to fund his war ambitions with Ukraine. Remember, North Korea’s leader used cyber attacks to steal money and fund his nuclear ambitions- all in the name of protecting his nation’s populace from adversaries.

In parallel, FBI and other law enforcement agencies are urging business owners to report ransomware or other malware incidents within three days of their occurrence/ identification. As Cybersecurity experts could keep a track of the blockchain payments and block the payments from reaching the culprits behind the attack.

What if we ban the use of Bitcoins and other digital currency from being used to make high-value transactions on an international note?

Because the President of Russian Federation might use individuals and buy essentials needed by his nation. Although, not that easy to buy products and services worth billions in BTC or Monero.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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