Due to the recent increase in ransomware attacks and illegal transactions in cryptocurrencies, the US Federal Bureau of Investigation (FBI) announced plans to establish a new unit to stop cybercriminals abusing digital currencies.
Speaking at the cybersecurity conference held in Munich this year, US Deputy Attorney General Lisa Monaco announced that they have established the Virtual Asset Exploitation Unit (VAXU). According to Monaco, the new team will tackle cryptocurrency criminals.
It was announced that the National Cryptocurrency Enforcement Team (NCET) was established as well as the new unit that will bring together cryptocurrency experts, blockchain analysts and virtual asset seizures under one roof. will be a part of it.
Deputy Attorney General Kenneth A. Polite Jr. of the Criminal Division of the Department of Justice said in a press release: “With the rapid innovation of digital assets and distributed ledger technologies, we are working to fuel cyberattacks, ransomware and extortion schemes. “We’ve seen an increase in their illegal use by criminals who use them; narcotics, hacking tools, and trafficking in illegal contraband online; theft and fraud; and laundering the proceeds of their crimes. NCET will serve as the focal point of the department’s efforts to combat the growth of crime involving these technologies.”
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