The Biden administration is ramping up efforts to trace crypto used in cyberattacks and will offer bounties of up to $10 million for info

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The Biden administration is ramping up efforts to trace cryptocurrencies used in cyberattacks and is planning to offer bounties of up to $10 million for information that will help catch criminals, sources told Bloomberg.

The White House has formed a task force, a senior administration official told Bloomberg on Wednesday, in a bid to disrupt ransomware operations.

Cryptocurrencies such as bitcoin have been the favored payment method of hackers due to their anonymous and difficult to trace nature. Cybercriminals often encrypt crucial files of businesses and hold the data for ransom until they are paid an amount in crypto.

These methods were on display during the Colonial Pipeline ransomware attack in April, which led to gas shortages and outages up and down the East Coast. JBS, the world's largest meat producer, was a recent high-profile victim of a similar attack.

The US and the rest of the world is quickly realizing the national security risks that stem from weak digital infrastructure.

Deputy National Security Adviser Anne Neuberger in June said officials are working with international partners on developing consistent policies for when to pay ransoms and how to trace them.

The US does not encourage private entities to negotiate with cybercriminals and pay the ransom, but many, including Colonial Pipeline, have.

Still, the government is trying hard prevent such attacks, and the Treasury Department has recently proposed additional rules that would require cryptocurrency transactions above $10,000 to be reported to the Internal Revenue Service.

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