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US introduces new way to monitor, end cybercrime

Bitfinex exchange

TL;DR Breakdown

  • DOJ unveils crypto enforcement team to end cybercrime.
  • Monaco states that confidence must be reposed in crypto exchanges.
  • US reveals other measures in place to end cybercrime.

The United States Department of Justice has announced a cryptocurrency enforcement team mandated only to tackle cybercrime.

The team is called the “National Cryptocurrency Enforcement Team.” US Deputy Attorney General Lisa Monaco announced on Wednesday that the group would strengthen the DOJ in its capacity to stop ‘flourishing’ cybercrimes.

She also said this at the Aspen Cyber Summit, that the team was to protect consumers. “We want to strengthen our capacity to dismantle the financeable ecosystem that enables these criminal actors to flourish and to profit from what they’re doing,” she said.

The National Cryptocurrency Enforcement Team

She revealed that the team would comprise of a mix of anti-money laundering and cybersecurity experts working to protect consumers from online financial crime.

“Cryptocurrency exchanges want to be the banks of the future,” she added. “We need to make sure that folks can have confidence when they use these systems,” she said.

All these come as the DOJ continues to crack down on cybercriminals with more attention on those into crypto fraud.

Other ways US authorities seek to end cybercrimes

Bloomberg reported weeks back that the country would set up a task force to curb ransomware attacks and trace ransoms cybercriminals who have received ransom in the past.

Deputy National Security Adviser Anne Neuberger noted that authorities are working on a new strategy that includes efforts to disrupt ransomware attacks, quell the use of Bitcoin and other cryptocurrencies for such illegal activities.

She notes that works are also going underground to partner nations and convince them from harboring cybercriminals.

In curbing ransomware attacks, the State Department also considered launching a new bounty program that will offer rewards up to $10 million for people who bring information that would result in the identification of alleged cybercriminals, according to reports.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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