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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

U.S. Government Puts Up $10 Million Bounty In Crypto

Best Owie
Best Owie
4 years ago
3 mins read
Picture of a bitcoin with a circuit board and binary numbers around it

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The U.S. Department of State has put out an offer for a bounty in crypto up to the tune of $10 million in exchange for actionable information on cyberattacks that are carried out by foreign governments. This will be the first time that the U.S. government has embraced the use of cryptocurrencies to pay for services rendered.

The offer was made through the U.S. Department of State’s Rewards for Justice program, administered by the Diplomatic Security Service. Since certain cyber operations targeting United States critical infrastructure might violate the Computer Fraud and Abuse Act (FCAA), the Department of State is trying to get in front of the attacks before they occur.

Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

These attacks include and are not limited to transmitting extortion threats as part of ransomware attacks, intentional unauthorized access to a computer, or exceeding authorized access. In which case, the attacker would obtain information from a protected computer, which they can use to transmit a program, information, code, or command. And thus, use that access to cause damage to a protected computer.

How Will The Ransom Be Paid

The U.S. Department of State explained that they had set up a tips-reporting channel using the Dark Web (Tor-based) in order to ensure the safety and security of sources and make sure they are protected.

The U.S. Department of State’s Rewards for Justice program is also working with other agency partners in order to ensure the privacy of the information and make sure the information coming in is processed in a timely manner.

Crypto total market cap chart on TradingView.com

Total crypto market cap trails $1.24T | Source: Crypto Total Market Cap on TradingView.com

To ensure this, the U.S. Department of State has also stated that the reward payments may also include payments in cryptocurrency. This is not a stretch as a good way to ensure the privacy of the reporters would be to pay in digital assets, as this will ensure that the attackers cannot track who the payments were made to.

A report from CoinDesk writes that a State Department spokesperson had confirmed that this would be the first time that the program would offer payment in crypto.

This marks the first time since its establishment in 1984 that the Rewards for Justice program has offered a reward payment in cryptocurrency.

The U.S. Government And Crypto Going Forward

The offer of possible payment in digital assets by the Rewards for Justice program shows that crypto adoption is headed in the right direction in the industry.

One problem that has been in the crypto space is the fact that governments have been so strongly against digital currencies. Crypto trading is banned in a lot of countries.

Recently, China carried out a massive crackdown on mining in the country, which happens to be the mining capital of the world, with over 70% of mining done in the country. And in the same streak, the government had ordered banks and financial institutions to stop enabling trading of crypto in the country.

Related Reading | Bitcoin Might Already Be In A Bear Market, Investors Just Don’t Know It Yet

But news of El Salvador making bitcoin a legal tender and other countries showing interest in doing the same has shown that crypto adoption is becoming more and more a reality.

Politicians in the U.S. government have also started showing support for the coin. U.S. Mayor Scott Conger posted on his Twitter account that he believed that bitcoin would help to fix inflation.

And with the U.S. Department of State’s Rewards for Justice program offering payment for services in crypto, there is no doubt that the general attitude towards crypto in the government is slowly but surely changing.

Featured image from International Banker, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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