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.