Source: Cointelegraph Original: "{title}"

Views from: Christopher Perkins and J. Christopher Giancarlo

The start of 2025 has not been smooth for cybersecurity in the crypto industry. The North Korean-backed hacker group Lazarus Group recently stole $1.4 billion from the major crypto exchange Bybit, marking one of the largest hacking incidents in the history of the crypto industry. In 2024 alone, hackers plundered over $2 billion, with more than half directly traceable to the Lazarus Group, which uses the stolen digital assets for various illegal activities. The current situation is unacceptable.

Countries regarded as "rogue states" continue to equip, fund, and support hacker organizations that attack entrepreneurs and undermine the digital economy. Existing policies and government capabilities are far from sufficient. Entrepreneurs remain exposed to danger, with each attack directly related to national security. Today, these adversaries hinder the Trump administration's proclaimed goal of making the U.S. the "global crypto capital."

To address this cutting-edge technical issue, the U.S. should draw inspiration from history. While privateering licenses have been dormant for the past 200 years, reviving this authorization to commission "privateers" to seize the property or assets of specific foreign adversaries would immediately fill this gap in national security. Through financial incentives, the "new privateer" program would unleash the ingenuity, creativity, and technological power of the private sector to combat hackers—effectively turning predators into prey.

A Brief History of Privateering

Privateering is a practice where governments authorize private enterprises to conduct hostile actions against enemy nations' commercial activities. It allows sovereign states to mobilize unconventional resources at a low cost, supplementing military power. The U.S. has a rich and colorful history of privateering, with legendary privateers like John Paul Jones helping to turn the tide of the American Revolution. American privateering was born out of necessity. In an era when the U.S. lacked sufficient public resources to confront the Royal Navy, patriotic private citizens, incentivized financially, dealt significant blows to British commercial fleets. While privateering licenses authorized private citizens to seize the property or assets of specific foreign powers, they also required reporting of seizures, exempted various piracy laws, and allowed privateers to retain a portion of the spoils. Typically, privateers needed to post a bond to ensure their actions complied with regulations.

Modern Privateer Program

The 21st-century privateer program would issue privateering licenses to U.S. companies or individuals, authorizing them to hack wallets and recover funds controlled by countries, entities, or individuals under the jurisdiction of the U.S. Treasury's foreign control. Licensees would be exempt from facing U.S. prosecution for carrying out this mission. For example, "new privateers" could directly transact with countries and entities controlled by the U.S. Treasury's foreign control. Proceeds from the sale of these assets would be shared with privateers according to pre-arranged contracts.

Privateering licenses would provide a low-cost, flexible, and effective option to address unconventional national security challenges. Just as Musk's Department of Government Efficiency (DOGE) seeks to reduce government functions and optimize costs, public funding for developing the crypto skills needed for law enforcement or intelligence agency teams is extremely expensive. Talent acquisition and retention are also significant challenges. Perhaps this is why the government has largely failed to act effectively in curbing state-sponsored hackers.

With the rise of artificial intelligence, the technical complexity of hackers will grow exponentially. AI "agents" can identify vulnerabilities in code more efficiently. Low-cost AI-generated deepfake video and audio technology can perfectly disguise identities, making it easier for hackers to deceive unsuspecting victims. However, advanced AI tools and techniques can also be used in reverse. "New privateers," exempted and authorized through privateering licenses, can leverage cutting-edge technology to attack attackers. By allowing the private sector to counterattack in the crypto space, government agencies can focus on higher-priority security issues.

Immediate Action Needed

There are nearly 300 pro-crypto members in the U.S. Congress who must take immediate action. Crypto supporters like Senator Cynthia Lummis (R-WY) and Congressman Tom Emmer (R-MN) are in a favorable position for bipartisan collaboration and can work with crypto mogul David Sacks to prioritize advancing the "new privateer" program to restore security in the crypto industry. The crypto industry will cheer.

It is time for the U.S. to embrace its history and launch a "new privateer" program. Privateering licenses offer an elegant solution for protecting American innovation and national security.

Views from: Christopher Perkins and J. Christopher Giancarlo

Related: A quantum-resistant hard fork for Bitcoin is inevitable—this is the only chance to fix node incentives

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