March 24, 2023

 “While the currency is digital, the signal to businesses is clear: if you notify us, we can track the funds and not just assist you, but avoid future victims also,” Lisa Monaco stated.

With the introduction of a new team, US Deputy Attorney General Lisa Monaco indicated that the Fbi will increase its initiatives to solve enforcement in the digital asset area.

At the Munich Cyber Security Summit on Thursday, Monaco announced the launch of the Virtual Asset Exploitation Unit, a “special squad focused on cryptocurrencies.” The team will contain crypto expertise as well as the ability to do cryptocurrency research, which might be utilized to monitor and seize criminal cash in the future.

Over 4 months after Monaco officially confirmed the start of the Justice Department’s National Cryptocurrency Enforcement Squad, the FBI has formed a team. The two will collaborate to track down anyone who “abuses bitcoin to conduct offense.”

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Reasons For Initiating The Enforcement Squad

“Ransomware and digital blackmail, like many other cryptocurrency-fueled crimes, succeed unless the bad guys get paid, therefore showing we have to disrupt their economic model,” Monaco added. “Despite the fact that the money is virtual, the message to companies is clear: if you contact us, we can monitor the assets and not only aid you, but also help you avoid becoming the next victim.”

On Thursday, Lisa Monaco said this at the Munich Cyber Security Summit.

The Federal bureau of investigation is presently looking at 100 ransomware strains that might result in bitcoin being seized by the US government. . Monaco disclosed that the Justice Department would launch an International Virtual Currency Campaign, which would allow for “larger collaborative crime analysis” to monitor funds via blockchain and promote responsible control of digital assets, in addition to stepping up measures to combat cybercrime at home. 

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A task team recovered well over $1.9 million in bitcoin used to pay for ransom during an attack on the Imperial Pipeline system in the U.s. prior to the launch of the Justice Department’s cyber enforcement section in October. The team grabbed custody of $3.5- 3.6 billion worth Bitcoin (BTC) in its biggest seizure to yet and authorized the arrest of two people linked to the Bitfinex exchange breach in 2016.

In addition to the new Federal bureau of investigation cyber squad, Monaco announced that Eun Young Choi, her one time top aide, will command the National Cryptocurrency Enforcement Squad as its chief.Choi stated that as the crypto field expands and changes, she wants the team to work together to prevent criminals’ illegitimate usage of cryptocurrency.

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What to Expect From This Development

The major goal of this enforcement task force, which was established recently, is to catch defaulters who may seek to utilize Blockchain to swindle or perpetrate any form of crime.

As an outcome, the rate of cyberattacks in the virtual environment will decrease.

In addition, investors’ digital assets are protected. Generally, any loopholes that may be exploited by scammers would be thoroughly investigated.

Due to the assurance of security provided by the presence of the enforcement squad, this development will typically enhance the acceptance of cryptocurrencies among the general public.

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