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Policy & Regulation

U.S. Justice Department announces a new crypto enforcement team

06 Oct 2021 : 17:33
2 min read
  • Monaco announced the creation of the National Cryptocurrency a new enforcement team to crack down on "criminal actors.
  • They will also create a civil cyber fraud initiative that will target companies that are government contractors
  • The announcements come after several high-profile cyberattacks on U.S. businesses and government agencies earlier this year

On Wednesday, Deputy Attorney General Lisa Monaco announced two new Justice Department initiatives targeting the misuse of cryptocurrencies and government contractors that fail to report cyber breaches.

The team will focus on “combating the misuse of cryptocurrencies”

Monaco announced the creation of a new enforcement team to crack down on “criminal actors” during a virtual speech at the Aspen Cyber Summit on Wednesday. The National Cryptocurrency Enforcement Team will focus on “combating the misuse of cryptocurrency marketplaces” and other systems that criminals have used to “launder or hide their criminal proceeds,” Deputy Attorney General Lisa Monaco said in a speech at the Aspen Cyber Summit.

Monaco also announced the creation of a civil cyber fraud initiative that will “use civil enforcement tools to take action against companies that are government contractors and receive federal funds when they fail to comply with recommended cybersecurity standards.”

The announcement came in the wake of several high-profile cyberattacks

The announcements come after several high-profile cyberattacks on U.S. businesses and government agencies earlier this year. In May, cybercriminals attacked a major U.S. pipeline operator, causing local gas supply disruptions on the East Coast of the United States. The incident led to new cybersecurity rules for pipeline owners in July.

In June, the Justice Department and FBI announced that they had recovered $2.3 million in Bitcoin ransom money paid to DarkSide, the criminal group that hacked Colonial Pipeline.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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