FBI Launches New Cryptocurrency Crimes Unit To Tackle Ransomware

The Federal Bureau of Investigation (FBI) has introduced a new unit assigned to tackling cryptocurrency crimes and ransomware scams.

Named the Virtual Asset Exploitation Team (VAXU), the dedicated squad was launched during the Munich Cyber Security Conference last week, US Deputy Attorney Gneral Lisa Monaco announced last week.

This specialized crew will assist the government to track “threat actors who exploit innovations as fast as the marketplace produces them,” which have been evident with the adoption of cryptocurrencies in the mainstream and the rising number of scams.

It’s believed the VAXU will comprise cryptocurrency experts, blockchain analysts, and agents familiar with virtual asset seizure. Apart from heading investigations into bad actors, it will work on training the rest of the FBI on related matters, as per TechCrunch.

“Ransomware and digital extortion, like many other crimes fueled by cryptocurrency, only work if the bad guys get paid, which means we have to bust their business model,” explained Monaco.

Additionally, according to Bitcoin.com, the Justice Department has appointed Eun Young Choi as the first director of its National Cryptocurrency Enforcement Team (NCET) as the country moves to get a grip on the rapidly expanding sector.

“The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds,” Choi said.

[via TechCrunch and Bitcoin.com, cover image via Marc Bruxelle | Dreamstime.com]