Hacking groups are a perennial problem in the crypto ecosystem. Every year, millions of dollars are lost to cyberattacks. Cryptocurrency makes it possible for any criminals to remain anonymous, particularly those tokens that focus on anonymity. Now the United States Department of Justice seized funds worth $6.1 million involved in a ransomware attack. Officials from governmental agencies have made it clear that they are on a stringent operation to deal with cybercriminals in the country. The Department of Justice also issued sanctions on a cryptocurrency exchange involved with the ransomware attack. Chatex, the crypto exchange in question, is allegedly linked with facilitating ransomware attacks. On 8th November, the Department of Justice issued a notice against the firm and all its affiliate businesses. Now they cannot operate in the United States and will be subject to further investigation.
The strict stance from the authorities is not a surprise. crypto-related criminal activities have long been under the government’s radar. In many cases, criminal activities have also been used to suppress the development of cryptocurrency and impose rules and authority. However, the problem of cyberattacks is indeed a pressing issue in the world of crypto. With more and more people transacting in cryptocurrency, the chances of scams and frauds are also increasing. Apart from governmental vigilance, the general population must also be aware of the common crypto scam strategies. Vigilance alone cannot stop such a pervasive and hard-to-catch illegal activity. Incidents like the recent one happen very frequently in the cryptocurrency sector, and it is one area that demands improvement in security.