FBI Takes Aggressive Approach Towards Cybercrime and Misuse of Cryptocurrencies

The Federal Bureau of Investigation (FBI) has beefed up its systems and using more powerful tactics to tackle cybercrime and the misuse of cryptocurrencies.

July 1, 2021, | AtoZ Markets – According to a Bloomberg report, the United States Federal Bureau of Investigation (FBI) has beefed up its systems and used more powerful tactics to tackle cybercrime and the misuse of cryptocurrencies. The agency has focused on outwitting criminals, remotely accessing networks, and expelling attackers during an attack.

The agency even obtained authorization to remotely access these networks and block hackers’ entry points. This has become a priority as cyberattacks have increased in recent months, something the Biden administration wants to stamp out.

The report also referred to the Colonial Pipeline incident, in which the DarkSide group compromised critical infrastructure and called for a ransom in Bitcoin. The company behind the Colonial Pipeline paid the ransom in crypto, most of which was subsequently recovered, the Justice Department revealed.

These incidents have concerned not only the US government, but others as well, and countries are beefing up their defense systems to prevent more from happening. Some authorities have commented on how cryptocurrency could play a role in fueling attacks, as the difficulty of tracking transactions could incentivize hackers.

Read also: FBI Warns Against the Steep Rise in COVID-19 Crypto Scams

The increasing number of attacks has forced the FBI and other agencies to improve these systems, the document said. However, there is little information about its position on cryptocurrencies, beyond what is already known. Also, the Biden government has only hinted at the matter but has not offered any concrete information about the actions they will take.

Are regulations coming for cryptocurrencies?

The news that various government bodies are focusing on cybercrime, money laundering, and the financing of illicit activities coincides with the debates on the regulation of cryptocurrencies in relation to the same. Many governments are focusing on regulation because they seek to protect investors and prevent the financing of terrorism.

The Financial Action Task Force (FATF) is among the global organizations prioritizing this initiative, and the group has spoken with Maltese officials about oversight laxity. The increase in activity points to a global effort to curb the cryptocurrency market.

Read also: Binance Deploys CypherTrace Traveler for FATF Compliance

The United States, for its part, has focused primarily on protecting investors and preventing market manipulation. The SEC, for example, has been very interested in filing lawsuits against projects that could have violated securities laws.

But now that the focus is on cybercrime, the authorities may impose stricter regulations in this area. This will be difficult to apply in practice, but the second half of 2021 will make these efforts clear to the public.

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