by Kim Peretti and Kristen Bartolotta On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET). This team was created to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual exchanges and money laundering infrastructure actors. Because of the […]
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Department of Justice Announces New Civil Fraud Cybersecurity Enforcement Team
On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the launch of the Department of Justice’s Civil Cyber-Fraud Initiative. The Department plans to use civil enforcement tools to “pursue…those who are government contractors who receive federal funds, when they fail to follow required cybersecurity standards.” Stating the Department will pursue “very hefty fines,” […]
U.S. and Allies Formally Accuse China of Microsoft Hack and Cyberespionage
On July 19, 2021, the Biden administration, along with a group of allies publicly accused the Chinese government of malicious cyber activities and irresponsible state behavior. The joint announcement states the U.S. uncovered a wide array of cyberattacks by hackers with a history of working for the China’s Ministry of State Security (MSS). Importantly, the […]
DOJ Seizure of Ransom Payment Signals More Aggressive Stance by U.S. Government
Following the creation of the DOJ’s Ransomware and Digital Extortion Task Force in April 2021 and on the heels of the Biden administration’s characterization of ransomware as a national security threat, on June 7, 2021, the DOJ announced it has seized $2.3 million (63.7 bitcoin) in proceeds from a recent ransom paid to DarkSide in […]
FBI Releases IC3 2020 Internet Crime Report Showing Record Increase in Cybercrime
The FBI’s Internet Crime Complaint Center (“IC3”) recently released its annual report, the 2020 Internet Crime Report (“Report”), which gathers statistics from nearly 800,000 complaints of suspected cybercrimes that the department received in 2020. This is a record number of complaints—a 69% increase from 2019—with reported losses exceeding $4.2 billion. According to the FBI, the […]