The US Department of State has issued a bounty of up to $10 million in cryptocurrency in exchange for actionable information on cyberattacks perpetrated by foreign governments. This will be the first time the US government has accepted cryptocurrency as a method of payment for services performed.
The offer was given through the Diplomatic Security Service’s Rewards for Justice Program, which is run by the US Department of State. Because certain cyber operations aimed at critical infrastructure in the United States could violate the Computer Fraud and Abuse Act (FCAA), the State Department is attempting to prevent assaults before they happen.
Extortion threats sent as part of ransomware attacks, intentional unauthorized access to a computer, and exceeding authorized access are only a few examples of these types of attacks. In that situation, the attacker would gain data from a secured machine, which they could then use to send a virus, information, code, or command. As a result, you may use that access to harm a computer that isn’t protected.
What Will Happen If The Ransom Isn’t Paid?
The US Department of State revealed that they had established up a tips-reporting channel on the Dark Web (Tor-based) to safeguard the safety and security of sources. The Rewards for Justice Program of the US Department of State is also collaborating with other government agencies to secure the privacy of the data and that it is processed in a timely way.
To ensure this, the US Department of State has specified that prize payments may include bitcoin payments as well. This isn’t a stretch, as paying in digital assets ensures that the attackers won’t be able to track who the payments were made to.
According to CoinDesk, a State Department spokeswoman stated that this would be the first time the program will accept cryptocurrency as payment.
The US Government and Cryptocurrency’s Future
The Rewards for Justice Program’s offer of possible payment in digital assets demonstrates that crypto usage is on the rise in the business. The fact that governments have been so aggressively opposed to digital currencies has been an issue in the crypto world. Many countries have outlawed cryptocurrency trading.
China has launched a significant crackdown on mining in the country, which also happens to be the world’s mining capital, with over 70% of all mining taking place there. In a similar vein, the government has instructed banks and financial institutions to stop allowing cryptocurrency trading in the country. However, news that El Salvador has made bitcoin a legal tender and that other countries are considering doing the same shows that crypto adoption is becoming a reality.
Politicians in the United States have begun to exhibit interest in the coin. U.S. Mayor Scott Conger stated on Twitter that he believes bitcoin will aid in the reduction of inflation. With the US Department of State’s Rewards for Justice Program accepting crypto as payment for services, there’s no doubt that the government’s attitude toward crypto is slowly but steadily evolving.