What the launch of the FBI crypto task force means for the digital asset space
On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies.
The name of the new task force that Monaco revealed is the Virtual Asset Exploitation Unit (VAXU). It will bring together the personnel from the various units of the FBI with crypto expertise to conduct investigations that use blockchain analysis and can result in virtual assets’ seizure. There are still not a lot of details available on the details of the VAXU’s operation but in her speech, Monaco clearly emphasized the fight against cyber ransomware as the main priority:
The VAXU also plans to work jointly with foreign task forces to track down multinational criminal networks operating in crypto.
Despite its primary affiliation with the FBI, VAXU will in fact be part of the National Cryptocurrency Enforcement Team (NCET), launched in Oct. 2021, to target money launderers and cyber criminals. As per the official release, the NCET’s mission is to "tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”
The NCET’s mission includes investigation and prosecution of cryptocurrency cases, identifying areas for increased investigative and prosecutorial focus, building relationships with crypto-adjacent units and officers
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