The U.S. Federal Bureau of Investigation is launching a new unit dedicated to tracking cryptocurrencies.
The Virtual Asset Exploitation Team (VAXU) will help the U.S. government keep pace with the threat, according to the deputy attorney general.
Monaco said that the FBI is currently tracking more than 100 different types of ransomware. According to Chainalysis, the amount of money wiped out from victims by scam artists increased by 80% compared to the previous year.
The FBI's VAXU unit will combine experts in virtual asset seizure and analysis with experts in cryptocurrencies to work investigations and provide training to the rest of the FBI. The National Cryptocurrency Enforcement Team is a division of the U.S. Justice Department that was created to investigate the criminal use of digital assets, with a particular focus on virtual cryptocurrencies exchanges and other technologies that enable the misuse of cryptocurrencies.
The bad guys have to be paid in order for Ransomware and digital extortion to work.
Eun Young Choi, a federal prosecutor with experience in arraigning cybercriminals, has been appointed the first director of the NCET.
The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolve, the department in turn expands its efforts to combat their abuse by criminals of all kinds.
The largest ever financial seizure by the DOJ came just weeks after the DOJ seized over 94,000 bitcoins, currently valued at $3.6 billion, that were allegedly stolen in the 2016 hack of Bitfinex.
DOJ seizes $3.6B in bitcoins after busting entrepreneur couple in Bitfinex laundering scheme
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