Crypto
DOJ merges cyber, cryptocurrency units to go after ransomware attacks
The U.S. Department of Justice is merging its cryptocurrency and computer crimes investigation units, reflecting the vital role digital assets play in ransomware hacks and other online attacks.
“It’s become obvious to everyone in the cybercrime field that cryptocurrency work and cyber prosecutions are intertwined, and will become even more so in the future,” Principal Deputy Attorney General Nicole Argentieri said Thursday announcing the move in remarks delivered at the Center for Strategic and International Studies.
Argentieri said combating ransomware specifically is an “urgent priority” and that federal law enforcement officials will be better equipped to fight cyber threats by putting the National Cryptocurrency Enforcement Team (NCET) under the same roof as the Computer Crime and Intellectual Property Section (CCIPS).
The move will more than double the number of federal prosecutors authorized to handle cryptocurrency criminal cases.
DOJ launched NCET as a standalone unit in October 2021 to investigate and prosecute criminal misuse of cryptocurrency, including money laundering.
CCIPS was launched a decade ago.
The U.S. government has continued to significantly ramp up its ransomware fight since hackers shut down the Colonial Pipeline in May 2021, including putting CCIPS in charge of coordinating ransomware investigations and prosecutions.
The DOJ in June 2022 seized $2.3 million worth of cryptocurrency paid as Colonial Pipeline ransom to the DarkSide hacking gang.
The Biden administration’s National Cybersecurity Strategy, announced earlier this year, specifically targeted ransomware as a threat to national security and public safety. The administration said cyberattacks cost victims billions of dollars annually.
More sophisticated ransomware attacks and hacks are expected with the rise of generative artificial intelligence.
Argentieri said “ransomware is a threat to all — national security, public safety, and economic prosperity.”
The FBI recorded 2,385 ransomware attacks in 2022. Chainalysis reported ransomware victims globally paid $456.8 million in 2022, down from $765.6 million. But experts warned that 2023 may eclipse 2022’s record for ransom because hackers are launching an increased number of supply chain attacks to reach more victims and adopting more aggressive extortion methods, including stealing and ransoming data.
“An urgent priority for the merged CCIPS and NCET is the fight against ransomware,” Argentieri said. “The National Cybersecurity Strategy highlights ransomware as not only an important concern, but as a threat to national security.”
Argentieri also lauded CCIPS officials who took down two sophisticated malware programs used by the Russian government to collect sensitive data from infected computers worldwide. In May, CCIPS disabled the 20-year-old malware network called Snake that infected hundreds of computers worldwide. In 2022, CCIPS disabled Cyclops Blink malware.
Argentieri said San Francisco-based federal prosecutor Claudia Quiroz was appointed acting head of NCET to replace Eun Young Choi.
Argentieri said that CCIPS experts will continue to investigate and prosecute ransomware attacks while NCET investigators track and pursue ransom payments with the aim of “freezing or seizing them before they go to Russia and other ransomware hotspots.”
She said the merger makes cryptocurrency cases equal in status to computer crimes.
The difference the merger will make, she said, is that CCIPS and NCET will work together.
“Every modern prosecutor needs to be able to trace and seize cryptocurrency,” she said. “This merger recognizes that.”
With its expertise in security token offerings (STO) and real-world asset (RWA) tokenisation, HKVAX aims to offer over-the-counter trading, exchange and custody services, the company said in a statement published on Friday.
The licence “demonstrates Hong Kong’s resolve to lead in the virtual-asset industry”, while HKVAX aims to establish the city as “the STO and RWA centre for Asia and beyond”, co-founder and chief executive Anthony Ng said in the statement.
The company’s trading platform and onboarding system are still “undergoing final preparations”, the company said in a notice on its website.
Crypto
From $37B to $24.5B: DAO Treasuries Experience Significant Downturn – Blockchain Bitcoin News
- Local exchanges like Bitso and Lemon report significant increases in digital currency deposits since the amnesty’s announcement.
- Carlos Peralta of Bitso noted a surge in inquiries, suggesting higher future participation before the deadline extension.
In Argentina, the cryptocurrency amnesty program, initiated in July, has surprisingly exceeded expectations according to local exchanges. This initiative allows Argentinians to declare their cryptocurrency holdings to the government without fear of repercussions.
The deadline for this declaration has been extended to October 31
The Argentine government has extended the deadline for asset regularization through Decree No. 864/2024, published on September 30, 2024. This extension modifies the dates of the regime established by Law No. 27.743 on Palliative and Relevant Fiscal Measures, allowing fiscal residents in Argentina and non-residents who were previously fiscal residents to voluntarily declare assets both domestically and abroad until October 31, 2024, for the first stage. The subsequent stages have been extended to January 31, 2025, and April 30, 2025, respectively.
Furthermore, the decree specifies that funds regularized up to September 30, 2024, can be withdrawn starting October 1, 2024, without retention, provided that no new regularizations are made after that date. Funds not exceeding USD 100,000 will be exempt from retention starting November 1, 2024, and those exceeding that amount must be kept in special accounts or allocated to authorized investments until December 31, 2025, to avoid a 5% retention.
Fiscal transparency and the integration of undeclared assets into the formal economy
Representatives from cryptocurrency exchanges such as Bitso and Lemon have reported a significant uptake in participation since the program’s announcement. They observed a record increase in digital currency deposits, suggesting a strong willingness among Argentinians to comply with the new regulations.
Carlos Peralta, the leader of Public Affairs at Bitso Argentina, noted a spike in inquiries even before the extension was announced, indicating a high level of interest.
“Perhaps now with more time, they decide to enter” Peralta commented, hinting at the potential for even greater participation in the coming weeks.
Similarly, Juan Pablo Fridenberg, Director of Public Affairs at Lemon, highlighted that September saw the highest volume of cryptocurrency deposits in the platform’s history.
“Although we do not know how many users have effectively joined, as this information is only available to the Federal Administration of Public Revenue (AFIP), we can affirm that the volume exceeded July’s by 23%,” said Fridenberg.
As we usually report on Crypto News Flash, this initiative by the Argentine government aims to bring transparency to the cryptocurrency market, which has traditionally operated with minimal oversight. By encouraging citizens to declare their digital assets, the government hopes to integrate these into the formal crypto economic system, reducing the risks associated with unregulated markets.
The positive response from the public and the extension of the deadline reflect the growth, as we have been reporting on Crypto News Flash, this may accept and normalize cryptocurrencies in Argentina. This move is part of a broader effort to stabilize the financial system and restore trust among investors and the public in the potential of digital currencies as legitimate financial assets.
Dozens of illegal immigrants from 'special interest' nations with terrorist activity caught at southern border
Soros-backed dark money network paid New York Dem candidate's salary: 'Incredibly problematic'
LIVE: CHP pursues high-speed driver in L.A. County
Taylor Swift fans in Metro Detroit fall victim to ticket scam
Can San Francisco fix its public image? Mayoral hopefuls vow to restore the iconic city
Colorado Rockies game no. 116 thread: Zac Gallen vs José Ureña
See it: Tesla crashes into Columbus convention center at 70 mph
Fox News Politics: Georgia the whole day through
Death of missing Oregon girl found in stream ruled homicide
At least 2 dead as tornadoes hit Alabama, damage homes across Southeast
Undecided Voters Tell Us About Their Biggest Worries
Blackface photo shakes up toss-up House district in NY
EU-Morocco trade deals in Western Sahara ruled invalid, Rabat claims ‘bias’
In swing-state Wisconsin, new districts threaten the GOP hold on the Legislature
Trump to headline NRA event in pivotal swing state two weeks before Election Day
-
/cdn.vox-cdn.com/uploads/chorus_asset/file/25439572/VRG_TEC_Textless.jpg "Charter will offer Peacock for free with some cable subscriptions next year")
Technology2 days agoCharter will offer Peacock for free with some cable subscriptions next year
-
World1 day agoUkrainian stronghold Vuhledar falls to Russian offensive after two years of bombardment
-
News1 week agoVideo: Where Trump and Harris Stand on Democracy
-
World2 days agoWikiLeaks’ Julian Assange says he pleaded ‘guilty to journalism’ in order to be freed
-
Technology22 hours agoBeware of fraudsters posing as government officials trying to steal your cash
-
Business1 week agoVisa, Google, JetBlue: A Guide to a New Era of Antitrust Action
-
Education1 week agoVideo: Los Angeles Bus Hijacked at Gunpoint
-
Politics1 week agoFLASHBACK: VP Harris pushed for illegal immigrant to practice law in California over Obama admin's objections