US state department offers up to $10 million in crypto rewards to white hat hackers
|The United States government is offering rewards in cryptocurrency for information relating to the operations of enemy state-backed hackers or suspected terrorists.
The U.S. State Department's new “Rewards for Justice” platform allows informants to submit anonymous tips and information in return for rewards in digital assets.
The platform was promoted at the Black Hat USA event — which ran from July 31 to August 5 in Las Vegas — with users able to submit tips via an unsecured Wi-Fi network called #Rewardsnotransoms. The open network was purposely set up to encourage attendees to log in and access the RFJ website, according to CNN.
Rewards of up to $10 million are being offered in exchange for info on various terrorist suspects, extremists, and state-sponsored hackers. Informants elect whether they wish to receive compensation in the form of crypto assets.
Informants provide sensitive information via a secure portal on the dark web — the layer of the internet that is not publicly accessed by commercial companies and search engines.
Former Director of the U.S. National Counterintelligence and Security Center, William Evanina, described the initiative as the U.S. government’s most public foray into crypto assets ever made.
Earlier this year, the Biden administration accused hackers employed by both Russia and China of breaching multiple U.S. government agencies and departments. In early June, U.S. officials recovered around $2.3 million in cryptocurrency used to pay a ransom following a cyber attack on the Colonial Pipeline system.
The RFJ program hopes to prevent these types of attacks by soliciting information from hackers with pertinent skills and expertise.
While the platform has already received tips, one State Department official emphasized that cyber-enforcement operations are “not a quick process.”
“We are receiving tips. We are evaluating tips. We'll share those tips with the interagency partners. They must then use that information and reach out and begin their investigation," they said.
Another official predicted the programme will comprise the precursor for similar cyber-policing initiatives in the future, stating:
“I think this offer of cryptocurrency is something that we will be using in the future for other types of rewards. It could encourage other types of sources to come to us with information who may not have wanted to come to us before.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.