North Korea has reportedly stolen over $6 billion in cryptocurrency since 2017, prompting the US to authorize vetted private firms to conduct offensive operations against crypto theft networks. Former CFTC Chair Giancarlo and Ari Redbord of TRM Labs discussed the return of "privateering" — a modern take on state-sanctioned private actors taking action against cybercriminals targeting digital assets. The policy shift marks a significant departure from traditional law enforcement-only approaches to combating crypto-related theft and sanctions evasion.