United States has created watchdog to investigate illegal uses of cryptocurrencies

The Deputy Attorney General of the United States, Lisa Monaco, published wednesday two new enforcement initiatives from the Ministry of Justice intended to persecute crypto-currencies already entrepreneurs the government that does not report cyber breaches.

Monaco announced on Wednesday, during a virtual speech at the Aspen Cyber ​​Summit, the launch of the National Cryptocurrency Compliance Team, whose objective will be “to reinforce“The ability of the Department of Justice to deactivate financial markets which allow cybercriminals”blossom”.

“Today we are launching the National Cryptocurrency Law Enforcement Team to leverage the ministry’s experience in cybercrime and money laundering to strengthen our ability to dismantle the financial institutions that allow criminals to thrive – and, frankly, profit – from the misuse of cryptocurrency platformsMonaco said.

The group will include a mix of experts in antiblanqueo and cybersecurity. “Cryptocurrency exchanges want to be the banks of the future, so we have to make sure that people can use these systems with confidence and we have to be ready to root out the abusessaid Monaco. “It’s about protecting consumers”.

Cybercriminals targeting U.S. businesses with ransomware, a type of malware that encrypts systems and demands payment, They usually charge in cryptocurrency. Hackers often use a mixture of different services of cryptocurrencies to accept and transfer these payments, which helps to hide them from law enforcement.

Monaco also announced the creation of a civil cyber fraud initiative, which “use civil enforcement tools to prosecute companies, those that are government contractors, receiving federal funds, when they fail to meet recommended cybersecurity standards”.

“For too long, companies have opted for silence, mistakenly believing that it is less risky to hide a violation than to expose it and report it. This is changing today», Declared Monaco, quoted in a press release from the Ministry of Justice.

In this sense, he stressed that “As technology advances, the Department must also evolve with it, so that we are prepared to eradicate abuse on these platforms and ensure user confidence in these systems.”

In turn, Deputy Attorney General Kenneth Polite said that “the creation of this team will build on this leadership by combining and coordinating the experience of the entire Division in this evolving field to to investigate and prosecute fraudulent abuse, illegal money laundering and other criminal activities related to cryptocurrencies ”.

The team’s eight goals are: investigate and to treat cryptocurrency cases, which are a central part of a national law enforcement effort to combat the use of cryptocurrencies as an illicit tool; develop strategic priorities for cryptocurrency investigations and prosecutions, in consultation with the USAO, components of the Department and investigative agencies involved in cryptocurrency investigations; identify areas to focus on for investigations and prosecutions, including professional money launderers, ransomware programs, human traffickers, drug dealers, and financial institutions dealing with cryptocurrencies; establish and improve relationships with prosecutors across the country and cryptocurrency-focused prosecutors with other components and departmental litigation offices to conduct cryptocurrency investigations and prosecutions; develop and maintain relationships with federal law enforcement agencies, state, local and international who investigate and deal with cryptocurrency cases; train and advise federal prosecutors and law enforcement agencies in developing investigation and prosecution strategies. This training and advice will include providing advice on search and seizure orders, restraining orders, criminal and civil charges of confiscation, indictments and other allegations; support coordination and information exchange and evidence between law enforcement offices to maximize the effectiveness of the Department’s cryptocurrency investigations, prosecutions and seizures; and collaborate and establish relationships with private sector actors experienced in cryptocurrency to advance law enforcement mission.

Announcements are shown after various cyber attacks earlier this year against US companies and public agencies.

Cybercriminals attacked a major operator of gas pipelines the United States, causing a localized gas shortage along the country’s east coast in May. The incident led to new cybersecurity regulations for pipeline owners in July.

(With information from Reuters)

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