Technology

U.S. Treasury warns crypto firms on Russia cybersecurity threat – source

The U.S. Treasury Department has reached out to cryptocurrency companies about their cybersecurity controls amid concerns that Russia could wage retaliatory cyber attacks in response to Western sanctions, according to a person familiar with the situation. The United States and its allies have unleashed a slew of sanctions targeting Russia’s banks, state-owned entities, and elites, among others, following the country’s invasion of Ukraine. Governments have warned for weeks that Russia or its allies could carry out cyber attacks in retribution for sanctions, leading banks to increase monitoring, scenario-planning and line up extra staff in case hostile activity surges. In a sign U.S. regulators see the ballooning cryptocurrency industry as a growing source of systemic risk, U.S. Treasury officials have also been in discussions with cryptocurrency exchanges and trade groups to ensure U.S. digital assets are safe, said the person familiar with the matter.

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