WASHINGTON D.C. (WLNS) — U.S. Senator Gary Peters has released a new report that details the role that cryptocurrencies play in causing cybercrime and ransomware attacks.

Cryptocurrencies – which allow criminals to quickly extort huge sums of money, can be anonymized, and do not have consistently enforced compliance with regulations, especially for foreign-based attackers – have further enabled cybercriminals to commit disruptive ransomware attacks that threaten our national and economic security.”

U.S. Senator Gary Peters

The report found that the federal government does not have enough information on ransomware attacks as well as the use of crypto in ransom payments.

Additionally, the data available limits both the private sector and federal government’s efforts to help cybercrime victims.

According to Peters, approximately 74% of global ransomware revenue in 2021 went to entities likely located in Russia or controlled by the Russian government.

“My report shows that the federal government lacks the necessary information to deter and prevent these attacks, and to hold foreign adversaries and cybercriminals accountable for perpetrating them,” said Peters.