The Federal Bureau of Investigation (FBI) has held a closed crypto crime forum each year for the past nine years, bringing together law enforcement, international investigators, and experts from the crypto-security industry.
Exclusive law enforcement and industry collaboration
Now known as the Virtual Asset Technical Exchange, this event enables direct collaboration between police agencies, specialized global units, and leading private-sector firms tackling crypto-related crime.
Each year, about 50 select vendors from the private sector are invited to participate. Total attendance for the forum typically reaches several hundred, with representatives primarily from law enforcement and their investigative partners. One participant described the event as a key gathering point for police and agencies engaged in crypto investigations.
The forum’s program features networking sessions, keynote presentations, panel discussions, and fireside conversations. Exhibiting companies demonstrate their latest security technologies and investigative platforms in dedicated spaces, facilitating knowledge sharing and partnerships.
According to several attendees, the forum was previously called the Virtual Currency Symposium. The latest forum took place in September in San Antonio, Texas. However, Roman Bieda, an executive at Token Recovery, stated that the 2024 edition convened in Austin, marking his third attendance.
Bieda noted that while non-fungible tokens (NFTs) have become less central to the discussions, newly prominent topics included the use of crypto anonymizing platforms like Tornado Cash and a resurgence in so-called pig butchering scams.
Presence of blockchain forensics firms
Blockchain analytics firms, including TRM Labs and Chainalysis, reportedly attended the forum. TRM Labs, a company specializing in blockchain intelligence solutions for law enforcement and financial institutions, confirmed its presence at the event, while Chainalysis declined to comment. The FBI also did not respond to requests for comment.
TRM Labs confirmed that Nikhil Raghuveera, CEO and co-founder of compliance technology provider Predicate, addressed attendees on the topics of stablecoin regulatory compliance and the GENIUS Act.
Officials from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the Security Alliance (SEAL) were also identified among this year’s attendees.
Discussion topics spanned the exploitation of cryptocurrencies by organized crime groups, the role of crypto in terrorist financing, new forms of cyber fraud, human trafficking, violent crime, and so-called wrench attacks, according to sources familiar with the agenda.
Other areas of focus included recent high-profile hacks, suspected activity by North Korean organizations, and enhancing intelligence sharing between industry experts and law enforcement agencies.
In February 2022, the FBI established its Virtual Assets Unit to centralize investigations related to cryptocurrencies, building on about a decade of previous experience in this domain.
Earlier this month, FBI officials reported seizing over $560,000 in cryptocurrency intended for Hamas’ Al Qassam Brigades, a military wing linked to the Palestinian group.
| Seizure Target | Cryptocurrency Amount | Date | Agency |
|---|---|---|---|
| Hamas’ Al Qassam Brigades | $560,000+ | June 2024 | FBI |
| WaterPlum (North Korean group) | $10.71 million | 2024 | FBI, Japan’s National Police, Australia, Germany |
In a joint operation, the FBI and international partners including Japan’s National Police Agency, as well as authorities in Australia and Germany, identified the North Korean hacking group WaterPlum, which authorities say is responsible for stealing approximately $10.71 million in cryptocurrency.
Mini dictionary: WaterPlum, a North Korean-linked hacking group identified by authorities in 2024, was reportedly involved in stealing over $10.71 million in cryptocurrency using cyberattacks on international platforms.
Authorities and security firms have been increasingly focused on cyber-enabled financial crimes involving cryptocurrencies, including the emergence of sophisticated criminal groups such as WaterPlum and new scam typologies.
