The FBI meets the challenge of combating crypto fraud with its new Virtual Asset Exploitation Unit. This organization aims to go beyond simply investigating the crypto crime after it has happened and take a proactive approach to prevent it. This approach is similar to that employed by counter-terrorism units in the wake of the September 11 attacks.
This is welcome news for consumers, businesses, law enforcement, and crypto investigation services. Finally, consumers will know that some oversight can keep the blockchain safer and recourse if they have lost money to anonymous bitcoin wallets.
Law enforcement and crypto investigation experts will now have the support and the authority of the FBI agency to help prosecute cases and, better yet, to stop crypto fraudsters in their tracks.
Attorney General Merrick Garland and Deputy Attorney General Lisa Monaco announced the establishment of the Virtual Asset Exploitation Unit, whose roles will include analyzing the blockchain, seizing suspicious anonymous bitcoin wallets, and training the rest of the FBI and law enforcement in crypto investigation techniques.
A solution to the growing problem of crypto fraud is just in time, and some would say, past due. According to Chainanalysis, $11 billion of the current cryptocurrency now available is used for cybercrime. Unfortunately, instead of dealing with these crimes after the fact, the FBI focuses on disrupting the economy of crypto crime.
The Virtual Asset Exploitation Unit was developed out of the Justice Department’s National Cryptocurrency Enforcement Team, which the Deputy Attorney General established in 2021. Although these units were founded in the United States, they are committed to working with their international counterparts as cryptocurrency schemes know no borders.
At the beginning of the cryptocurrency trend, the problem of catching anonymous cybercriminals on the blockchain seemed daunting. Since then, the FBI has completed several successful crypto investigations, including halting the money laundering of $3.6 billion in bitcoin.
Lisa Monaco told the Wall Street Journal, “If you report to us, we can follow the money and not only help you but hopefully prevent the next victim.”
Follow the Crypto
This development is a game-changer for companies such as MyChargeBack, which has developed advanced crypto trace technology and methods to track down funds on the blockchain. In addition, improvements in crypto investigation strategies in the FBI allow consumers to hope for successful outcomes from crypto complaints.
Crypto trace solutions, such as those provided by MyChargeback, begin with a consultation with clients, discuss their cases, and collect information to begin the crypto investigation process.
This process involves blockchain explorers and specialized cointracking software that identifies relevant bitcoin transactions and provides in-depth data analysis that can help identify the people who hold these bitcoin wallets. Then, using proprietary crypto forensics and databases, the team creates a fuller picture of the cybercrime and potential law enforcement suspects.
MyChargeBack gives clients a crypto investigation report to present to law enforcement and crypto exchanges.
If you have lost money to a crypto or forex scheme, seek assistance from MyChargeBack experts and get started with your fund recovery claim. We have extensive knowledge and working relationships with regulators and more than 450 law enforcement agencies around the world, as well as the solutions that can improve your prospects of getting your cryptocurrency back.
