The US Federal Bureau of Investigation has announced plans to launch the Virtual Asset Exploitation Unit at this year’s Munich Cyber Security Conference for catching cybercriminals using digital currencies.
The new squad will keep the US government from slipping behind threat actors who exploit advances as quickly as the market develops them. The Virtual Asset Exploitation Unit (VAXU) team will be part of the Justice Department’s National Cryptocurrency Enforcement Team (NCET).
Federal prosecutor Eun Young Choi, who has experience prosecuting cybercriminals, will be the NCET’s first director.
Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division explained why the NCET was established in the first place. He said, “We’ve seen a rise in criminals exploiting digital assets and distributed ledger technologies to fuel cyberattacks, ransomware, and extortion schemes; traffic in narcotics, hacking tools, and illicit contraband online; commit thefts and scams; and launder the proceeds of their crimes, thanks to the rapid innovation of digital assets and distributed ledger technologies. The NCET will be the focal point for the department’s efforts to combat the rise in technology-related crime.”
The VAXU team will also bring together the FBI’s cryptocurrency experts, blockchain analysts, and virtual asset seizure specialists under one roof to conduct investigations and train other agents on how to deal with these emerging risks.
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