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DOJ Increases Efforts to Combat Criminal Use of Cryptocurrencies

Speaking at the Munich Cyber Security Conference, Deputy Attorney General Lisa Monaco said the U.S. Government is increasing efforts to combat the criminal use of cryptocurrencies. Federal prosecutors have been targeting crypto exchanges to help take down cyber criminals as  cryptocurrency helps fuel cybercrimes such as ransomware attacks and data theft. Monaco also announced the FBI would be launching a new virtual asset exploitation unit designed to create a pool of cryptocurrency experts to carry out investigations and train the rest of the FBI. The Department of Justice (DOJ) is also starting an International Virtual Currency initiative to further global efforts against criminals utilizing cryptocurrencies.

Analyst Notes

Law enforcement agencies have recently found success in attacking cryptocurrency exchanges in order to take arrest cyber criminals. It appears the DOJ will look to build on that success by bolstering resources when it comes to cryptocurrency. This recent success can also be attributed to the effective global cooperation of law enforcement agencies. Russian law enforcement has also cracked down on cyber criminals, causing widespread panic across criminal forums. When asked about the increased law enforcement action by Russian authorities, Monaco alluded that these may be political moves to distract from the tension on the Ukrainian border.

DOJ beefs up efforts to combat criminal use of cryptocurrencies