Following a rise in crypto-related crime and ransomware attacks, the US Federal Bureau of Investigation (FBI) has revealed plans to launch a new unit dedicated to stopping cybercriminals abusing digital currencies.
At this year's Munich Cybersecurity Conference, US Assistant Attorney General Lisa Monaco announced the creation of the Virtual Assets Operational Unit (VAXU). According to Monaco, the new team will prevent the US government from being left behind by "threat actors that exploit innovations as fast as the market produces them."
The VAXU team will also bring together the agency's cryptocurrency, blockchain analytics, and virtual asset forfeiture experts under one roof to conduct investigations and train other FBI members on how to deal with these growing threats.
National Cryptocurrency Compliance Team
The FBI's VAXU team will be part of a Justice Department division created late last year called the National Cryptocurrency Enforcement Team (NCET) that has been tasked with investigating how cybercriminals use digital assets in their operations.
Deputy Attorney General Kenneth A. Polite Jr. of the Justice Department's Criminal Division provided additional information in a press release on why the NCET was created in the first place, saying:
“With the rapid innovation of digital assets and distributed ledger technologies, we have seen an increase in their illicit use by criminals who exploit them to fuel cyberattacks and ransomware and extortion schemes; drug trafficking, hacking tools and illicit smuggling online; commit theft and fraud; and launder the proceeds of their crimes. NCET will serve as the focal point for the department's efforts to combat the growth of crime involving these technologies."
In addition to launching the FBI's new VAXU unit, US Assistant Attorney General Lisa Monaco also announced that US Attorney Eun Young Choi, who has experience prosecuting cybercriminals, will serve as NCET's first director. .
We are likely to hear more from the FBI and NCET as they begin to go after cybercriminals who have used cryptocurrency to launder money and as payment in their ransomware attacks.
Via TechCrunch