FBI Opens Digital Currency Unit; Will Handle and Prosecute ‘Virtual Asset Exploitation’

The FBI is creating a digital currency unit, and the U.S. Justice Department is tapping a computer crimes prosecutor to lead the new sector.

On Thursday, the national cryptocurrency enforcement team was announced. The new department will cover blockchain analysis, virtual asset seizure and other issues related to “virtual asset exploitation,” Reuters reports.

The move reportedly comes after the Justice Department made the biggest financial seizure last month after it charged a New York husband and wife for allegedly laundering bitcoins that had a value of more than $4.5 billion. Reuters reports the couple jacked the bitcoins following Bitfinex’s digital currency exchange breach in 2016.

“We are issuing a clear warning to criminals who use cryptocurrency to fuel their schemes,” said Munich Cyber Security Conference in Germany, Deputy Attorney General Lisa Monaco.” We also call on all companies dealing with cryptocurrency – we need you to root out cryptocurrency abuses. To those who do not, we will hold you accountable where we can.”

Monaco said the department won’t be playing any games when it comes to taking down virtual crimes. Eun Young Choi, a prosecutor who brought down a Russian hacker who stole more than 80 million JPMorgan & Chase Co. customers’ information, will be leading the department.

“Moving forward, prosecutors, agents, and analysts will now assess – at each stage of a cyber investigation – whether to use disruptive actions against cyber threats, even if they might otherwise tip the cybercriminals off and jeopardize the potential for charges and apprehension,” she said.