U.S. Deputy Attorney General Lisa Monaco reportedly revealed that the Federal Bureau of Investigation is amplifying its attempts at combating enforcement in the crypto asset sphere, via putting together a new team.

Specifically, during her speech at the Munich Cyber Security Conference on February 17th, Monaco reportedly revealed that the FBI is going to form a “specialized team dedicated to cryptocurrency”, dubbed the Virtual Asset Exploitation Unit. 

This new unit will reportedly be made up of crypto professionals, equipped with measures supporting blockchain analysis, which may eventually be utilized for tracking and seizing illicit funds.

The creation of the FBI team was reportedly finalized after four months since Monaco disclosed details related to the roll-out of the Justice Department’s National Cryptocurrency Enforcement Team.

The two will reportedly be collaborating to pursue anyone who “abuses cryptocurrency to commit the crime.”

“Ransomware and digital extortion, like many other crimes fueled by cryptocurrency, only work if the bad guys get paid, which means we have to bust their business model” Monaco further remarked. 

Per the Deputy Attorney, despite the currency may come with a virtual nature, the message to establishments is firm – “if you report to us, we can follow the money and not only help you but hopefully prevent the next victim.”

At the moment, The FBI is reportedly conducting investigations into 100 ransomware variants, which potentially lead to the confiscating of cryptocurrency by U.S. authorities. 

Apart from amplifying the efforts for fighting against cybercrime in their homeland, Monaco additionally revealed that the Justice Department would be introducing an International Virtual Currency Initiative, enabling extra “international law enforcement operations” to track funds via blockchain, as well as encouraging responsible regulation on digital assets.