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The FBI is forming a team to combat cryptocurrency exploitation

As per the latest statement received from US Deputy Attorney General is that the FBI is putting up a task force to seize the bad actors who are exploiting crypto currencies and using it for illegal activities.

“The currency may be virtual, but the message to businesses is clear: if you report to us, we can track the money and not only assist you, but also, hopefully, prevent the next victim.” “Lisa Monaco stated.

With the formation of a new team, U.S. Deputy Attorney General Lisa Monaco has announced that the Federal Bureau of Investigation will increase its efforts to address enforcement in the digital asset space.

Monaco announced the formation of a “specialized team dedicated to cryptocurrency” called the Virtual Asset Exploitation Unit at the Munich Cyber Security Conference on Thursday. The unit will include crypto experts as well as the ability to conduct blockchain analysis, which could eventually be used to track and seize illicit funds.

The FBI team’s formation comes nearly four months after Monaco announced the formation of the Justice Department’s National Cryptocurrency Enforcement Team. The two will collaborate to track down actors who “abuse cryptocurrency to commit crime.”

“Ransomware and digital extortion, like many other cryptocurrency-fueled crimes, only work if the bad guys get paid, which means we have to disrupt their business model,” Monaco said. “The currency may be virtual, but the message to businesses is clear: if you report to us, we can track the money and not only assist you, but hopefully prevent the next victim.”

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The FBI is currently investigating 100 ransomware variants, which could result in cryptocurrency seizure by US authorities. In addition to stepping up efforts to combat cybercrime at home, Monaco announced that the Justice Department would launch the International Virtual Currency Initiative, which would allow for “more joint international law enforcement operations” to track funds through blockchain and encourage responsible regulation of digital assets.

Prior to the formation of the Justice Department’s crypto enforcement team in October, a task force seized more than $2 million in cryptocurrency used to pay for ransom following an attack on the Colonial Pipeline system in the United States. In its largest seizure to date, the team took control of $3.6 billion in Bitcoin (BTC) and ordered the arrest of two people linked to the Bitfinex exchange hack in 2016.

In addition to the new FBI crypto team, Monaco announced that her former senior counsel, Eun Young Choi, will be the director of the National Cryptocurrency Enforcement Team. Choi stated that she hoped to have the team work to combat criminals’ illicit use of cryptocurrency as the space grows and changes.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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