Cryptocurrency crimes have got too big for the US government to ignore

Chris Potter-Walker

Cryptocurrencies have risen in profile, including as a way to pay for goods and services in the next generation of the internet. Government scrutiny is increasing as more money pours into the so-far regulated currencies.

On 17 February, the US Justice Department announced that it was launching a National Cryptocurrency Enforcement Team designed to monitor the underlying technology behind cryptocurrencies for any ill-gotten gains. The FBI's newly launched Virtual Asset Exploitation Unit is one of the groups it will work with.

With the rapid innovation of digital assets and distributed ledger technologies, we have seen a rise in their illegal use by criminals who exploit them to fuel cyberattacks and extortion schemes, traffic in narcotics, hacking tools and online crimes.