With the formation of a new group, Lisa Monaco, US Deputy Attorney General, indicated that the Federal Bureau of Investigation or FBI will increase its efforts to address enforcement in the crypto sector.
Monaco announced the formation of a specialized team focused on Cryptocurrency called the Virtual Asset Exploitation Unit while speaking at the Munich Cyber Security Conference on Thursday. The team will contain crypto experts as well as the ability to do blockchain analysis, which might be utilized to monitor and capture illicit funds in the future.
More than four months after Monaco announced the start of the Justice Department’s National Cryptocurrency Enforcement Team, the FBI has formed a team. The two will collaborate to track down anyone who “abuses cryptocurrency to commit the crime.”
“Ransomware and digital extortion, like many other crimes fueled by cryptocurrency, only work if the bad guys get paid, which means we have to bust their business model,” Monaco said.
She added that the key message to firms is that if they report to the authorities, the authorities can track the funds and not just assist them but also hopefully avoid the next victim.
FBI focuses on Cryptocurrency
The FBI is presently looking at 100 ransomware strains that could result in Cryptocurrency being seized by US authorities. As TheCoinRise reported, the FBI recently talked about the ransomware attacks and cited crypto as the key payment method.
In addition to stepping up efforts to combat cybercrime at home, Monaco announced that the Justice Department would introduce an International Virtual Currency Initiative that would allow for “more joint international law enforcement operations” to track funds via blockchain and promote responsible regulation of digital assets.
Monaco also stated that Eun Young Choi, her former senior counsel, will lead the National Cryptocurrency Enforcement Team as its director, along with the new FBI crypto team. Choi stated that as the crypto space expands and changes, she wants the team to work together to prevent criminals’ illicit usage of crypto.