US Department of Justice launches new initiatives on cryptocurrency and entrepreneur hacks

WASHINGTON, Oct.6 (Reuters) – U.S. Deputy Attorney General Lisa Monaco on Wednesday unveiled two new Justice Department enforcement initiatives aimed at targeting cryptocurrencies and government contractors who fail to report cybercriminals. violations.

Monaco announced Wednesday, during a virtual speech at the Aspen Cyber ​​Summit, the launch of the National Cryptocurrency Enforcement Team, the objective of which will be to “strengthen” the capacity of the Ministry of Justice to deactivate financial markets that allow cybercriminals to “flourish”.

The group will include a mix of anti-money laundering and cybersecurity experts.

“Cryptocurrency exchanges want to be the banks of the future, well, we have to make sure that people can be trusted when using these systems and we have to be prepared to eliminate the abuse,” Monaco said. “The aim is to protect consumers.”

Cybercriminals who attack U.S. businesses with ransomware, a type of malware that encrypts systems and demands payment, are typically paid in cryptocurrency. Hackers often use a mix of different cryptocurrency services to accept and transfer these payments, helping to hide them from law enforcement.

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

“For too long, companies have chosen silence in the mistaken belief that it is less risky to hide a violation than to report it and report it. That is changing today,” Monaco said.

The announcements come after several high-profile cyberattacks earlier this year against U.S. businesses and government agencies.

Cybercriminals attacked a major U.S. pipeline operator, causing gas shortages located along the U.S. east coast in May. The incident led to new cybersecurity rules for pipeline owners in July.

Reporting by Chris Bing; Written by Sarah N. Lynch; Editing by Mark Porter, Kirsten Donovan

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