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FBI To Have Dedicated Unit To Counter Cryptocurrency Crime and Ransomware
In response to the growth in cryptocurrency crime and ransomware assaults, the US Federal Bureau of Investigation (FBI) has announced plans to create a new unit dedicated to catching cybercriminals using digital currencies.
The US Deputy Attorney General Lisa Monaco announced the launch of the Virtual Asset Exploitation Unit at this year’s Munich Cyber Security Conference (VAXU). The new squad, according to Monaco, will keep the US government from slipping behind “threat actors who exploit advances as quickly as the market develops them.”
The VAXU team will also bring together the FBI’s cryptocurrency experts, blockchain analysts, and virtual asset seizure specialists under one roof to conduct investigations and train other agents on how to deal with these emerging risks.
The VAXU team will be part of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), which was established late last year and is tasked with researching how cybercriminals use digital assets in their operations.
In a news release, Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division explained why the NCET was established in the first place, saying:
“We’ve seen a rise in criminals exploiting digital assets and distributed ledger technologies to fuel cyberattacks, ransomware, and extortion schemes; traffic in narcotics, hacking tools, and illicit contraband online; commit thefts and scams; and launder the proceeds of their crimes, thanks to the rapid innovation of digital assets and distributed ledger technologies. The NCET will be the focal point for the department’s efforts to combat the rise in technology-related crime.”
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In addition to announcing the formation of the FBI’s new VAXU unit, US Deputy Attorney General Lisa Monaco stated that federal prosecutor Eun Young Choi, who has experience prosecuting cybercriminals, will be the NCET’s first director.
As the FBI and the NCET begin pursuing cybercriminals who have utilised cryptocurrencies to launder money and as a form of payment in ransomware attacks, we’ll certainly hear more from both agencies.
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