US forms a National Cryptocurrency Enforcement Team to curb ransomware payments

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After the ransomware attack on JBS Meat and Colonial Pipeline, the law enforcement authorities of United States have taken a resolution to curb ransomware payments. Early this week, the United States Department of Justice aka DOJ formed a National Cryptocurrency Enforcement Team(NCET) to curb illegal use of cryptocurrency in criminal acts such as ransomware payments.

The NCET will act as a central platform to enact on complaints related to ransom payments, money laundering issues and dismantling of financial entities on a digital note.

Lisa Monaco, the Deputy Attorney General, announced the creation of the National Cryptocurrency Enforcement Team on Tuesday and added that it will help in blocking misuse of virtual currency exchanges, money laundering acts and other such issues.

Assistant Attorney General Kenneth Polite Junior will act as a supervisor to NCET and will help track down money thefts, virtual currency payments made to criminals, especially to ransomware gangs such as REvil, Ryuk, Egregor, DopplePaymer, Babuk, Ragnar, Conti and such.

Coming to the team members, the NCET will constitute senior members drawn from the Computer Crime and Intellectual Property Section(CCIPS), Department of Justice Criminal Division Money Laundering and Asset Recovery Section(MLARS), FBI and the criminal division related to US Attorney’s Office.

Experts who could break into the blockchain payments for analysis and who have firsthand experience in critical criminal investigations are also needed. So, those interested can directly contact the related authorities through proper channel.

Note- NCET has the power to issue seizure warrants, arrest orders, settle criminal and civil forfeiture allegations and indictments along with the authority to prosecute a criminal on a foreign soil. And there will be no question of delay in making arrests, prosecution and execution.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security