FBI Bolstering Tactics Against Illicit Cryptocurrency Transactions and Cybercrimes

Share Article
In Brief
  • FBI reportedly focusing on outhacking cybercriminals.

  • The increasing number of attacks has forced the FBI and other agencies to improve security systems.

  • These incidents have plagued governments across the globe.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The Federal Bureau of Investigation (FBI) has been bolstering its systems and using stronger tactics to tackle cybercrime and the nefarious use of cryptocurrency, according to a Bloomberg report.

Sponsored



Sponsored

The United States Federal Bureau of Investigation (FBI) has reportedly upped its game with respect to hacks, according to a report from Bloomberg. The agency has been focusing on outhacking the bad actors by remotely accessing networks and kicking attackers out during an attack.

The agency went so far as to gain authorization to remotely access these networks and block the points of entry for hackers. This has become a priority since cyberattacks have been on the rise in recent months, something which the Biden administration is keen to stamp out.

Sponsored



Sponsored

The report also referred to the Colonial Pipeline incident, where the DarkSide group compromised critical infrastructure and asked for a ransom in bitcoin. The company behind the Colonial Pipeline paid the cryptocurrency ransom, most of which was later recovered, as revealed by the Department of Justice.

These incidents have worried not only the U.S. government, but others as well, and nations are stepping up their defensive systems to prevent more from happening. Some authorities have made remarks about how cryptocurrency could play a part in encouraging attacks, as the difficulty of tracing transactions could incentivize hacking groups.

The increasing number of attacks has forced the FBI and other agencies to improve these systems, the report notes. However, there is little information concerning their position about cryptocurrencies beyond what is already known. The Biden administration, too, has only hinted at the matter, and not offered any concrete information on actions.

Crypto regulations incoming?

The news of various governmental agencies focusing on cybercrime, money laundering, and the funding of illicit activities coincides with discussions of crypto regulation relating to the same. Many governments are focusing on regulation because they intend to protect investors and prevent the funding of crime.

The Financial Action Task Force (FATF) is among those global organizations prioritizing this initiative, with the group having spoken to Maltese officials about lax oversight. The increased activity points towards a global effort to rein in the crypto market.

The U.S., on the other hand, has mostly been focusing on investor protection and the prevention of market manipulation. The SEC, for example, has been keen on filing lawsuits against projects that could have potentially violated securities laws.

But with a greater focus now on cybercrime, perhaps authorities will impose more strict regulation on the space. This will be hard to implement in practice, but the latter half of 2021 will clearly give the public some understanding of these efforts if recent statements by officials are anything to go by.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join