As cybercrimes continues to grow, the U.S Federal Bureau of Investigation (FBI) announced that it would launch a new unit that will focus on tracking and solving cybercrimes that involve ransomware profits and cryptocurrency.
FBI's New Unit
U.S Deputy Attorney General Lisa Monaco announced the launch of the unit called Virtual Asset Exploitation Team or VAXU during her speech at the Munich Cyber Security Conference earlier this week, saying that the unit will help the U.S government to keep track of hackers and cybercriminals who exploit digital currencies and innovations.
VAXU will keep an eye out for individuals or groups who will abuse cryptocurrency and engage in ransomware. Monaco noted that the FBI is currently tracking more than 100 different ransomware variants, according to Tech Crunch.
Also Read: REvil Hacker Hides Out in Siberia, Wanted by the FBI for Ransomware but Remains Uncaught
Chainalysis reported that cybercriminals stole more than $7.7 billion in cryptocurrency from its victims around the world in 2021, and it is an increase of 80% compared to 2020.
The FBI's VAXU will have blockchain analysis, cryptocurrency experts, and virtual asset seizure to investigate and provide training to the rest of the FBI units.
VAXU will form part of the National Cryptocurrency Enforcement Team, or NCET, a division of the U.S Justice Department launched last year to investigate the criminal use of digital assets.
NCET focuses on virtual cryptocurrency exchanges and other technologies that facilitate criminal activity and enable the misuse of cryptocurrency.
Monaco added that crimes fueled by cryptocurrencies, such as ransomware and digital extortion, only work if the scammers get paid.
Monaco encourages companies to report ransomware cases and digital extortion to the FBI immediately so they can follow any lead and help prevent another company or individual from being a victim.
Monaco added that the federal prosecutor that deals in arraigning cybercriminals, Eun Young Choi, has been appointed as the director of the NCET.
Choi said that NCET would play an important role in ensuring that the technology surrounding digital assets grows and that the department will also expand its efforts to fight abuse by cybercriminals and scammers.
The announcement comes weeks after the DOJ seized over 94,000 bitcoins, currently valued at $3.6 billion, that were stolen back in 2016 from Bitfinex, making it the largest ever financial seizure by the department, according to The Washington Post.
Ransomware Basis to Protect You
Since ransomware cases doubled last year, a lot of companies and individuals are worried that they might be the next target.
According to ZDNET, the United States was the largest target for ransomware attacks, but the volume of detected incidents doubled in several regions around the world, including Asia and Europe.
Experts have stated that creating simple passwords is one of the easiest ways for cybercriminals to gain access to accounts and networks, especially if they are common passwords. It is also not safe to use usernames and passwords that have been leaked in a breach.
Using unique usernames and passwords is the most effective way to prevent unauthorized access to your accounts.
Also, applying multi-factor authentication across the network protects against hackers who want to breach an account.
Related Article: FBI Warning! Hackers Mail Malicious USB Flash Drives to Spread Ransomware
