FBI’s annual Virtual Asset Technical Exchange focuses on crypto‑related crime

The Federal Bureau of Investigation hosted its ninth Virtual Asset Technical Exchange (VATE) in September, a three‑day, invitation‑only symposium in San Antonio, Texas. The event gathered a few hundred participants from law‑enforcement agencies, compliance teams and blockchain‑security firms to discuss the illicit use of digital assets.

Attendees and format

Attendance is limited to roughly 50 private‑sector vendors, with total numbers reaching the low‑hundreds. The program mixes keynote speeches, panel discussions, fireside chats and demo rooms where companies showcase their tools. Notable participants included blockchain forensics firms Chainalysis and TRM Labs, compliance provider Predicate, the Security Alliance (SEAL) and representatives from FinCEN.

Topics covered

Discussions spanned a broad spectrum of crypto‑related threats, including:

• Use of virtual assets by drug cartels, terrorist groups and human‑trafficking networks
• Cyber‑enabled fraud, ransomware and scams
• Child sexual‑abuse material and violent‑crime financing
• North Korean hacking operations targeting crypto firms
• Emerging technical exploits, such as the “Drift” attack that led to a $270 million loss on a Solana‑based decentralized exchange

Presentations also addressed stablecoin compliance and the challenges of tracking illicit flows across borders.

Law‑enforcement focus

Unlike commercial crypto conferences, VATE is described as a law‑enforcement event. The atmosphere centers on active investigations, techniques for tracing funds, and coordination between public‑sector agencies and private‑sector experts to enable arrests and asset seizures.

Evolution of the gathering

Originally weighted toward government agencies, the symposium now includes a larger industry presence, reflecting growing reliance on blockchain analysts and security researchers. The FBI’s Virtual Assets Unit, created in February 2022, serves as the bureau’s hub for cryptocurrency investigations, supporting work on ransomware, child exploitation, murder‑for‑hire schemes and terrorist financing.