FBI Requests New Funding To Investigate Use Of Virtual Currencies

M U S T R E A D!!!
On June 21 the acting director of the FBI, Andrew McCabe, gave a speech to U.S. bureaucrats requesting a new budget for the fiscal year of 2018. The request proposal totals of $8.77 billion, and some of that funding will be appropriated towards investigating the use of virtual currencies by criminals who “obscure their transactions.”

FBI Budget Request Asks for $63 Million to Combat Cyber Threats and the ‘Going Dark’ Program

FBI Mentions Digital Currency Obscurity in 2018 Budget Request
Acting director of the FBI, Andrew McCabe.
During this year’s FBI budget hearing Andrew McCabe asked for continued support during the agency’s leadership transition period. McCabe has taken the place of former FBI director James Comey who was let go by President Donald Trump. The acting director has the same concerns as Comey did in regards to the challenges involved with gaining access to digital information.

The $8 billion dollar request will enhance eight programs that McCabe says are critical requirements for the agency’s day to day operations. Quite a bit of the funding will go towards fighting cyber crime and battling technologies that provide anonymity.

“$41.5 million to enhance cyber investigative capabilities, and $21.6 million for operational technology investments related to the ‘Going Dark’ initiative,” details McCabe’s report.

Virtual Currencies Obscuring Illicit Transactions

The ‘Going Dark’ initiative was first described by James Comey in the past who explained that technologies like encryption and digital currencies were making it difficult for the FBI’s investigations. The main point of the ‘Going Dark’ summary details that agents cannot access certain devices because of stronger encryption. Alongside this, technologies such as cryptocurrencies are being used to anonymize financial transactions tied to illicit activity.