Federal Bureau of Investigation has created a new unit for crypto exploitation. The new team will work with the National Cryptocurrency Enforcement Team of the Department of Justice (DOJ) to combat “the criminal misuse of cryptocurrencies.”
FBI establishes new Crypto Unit. DOJ appoints first Director of National Cryptocurrency Enforcement Team
Federal Bureau of Investigations (FBI), has created a new unit for crypto. The U.S. Department of Justice (DOJ), announced that a new crypto unit was launched.
The FBI’s new Virtual Asset Exploitation Unit [is]This team is made up of experts in cryptocurrency and has the mission to provide support, analysis, training, and assistance to all branches of the FBI. It also works to innovate its crypto tools so that they can stay on top of any future threats.
Eun Young Choi was also announced by the Justice Department Thursday as its first director for the National Cryptocurrency Enforcement Team. Choi “is an accomplished leader on cyber and cryptocurrency issues,” the DOJ details.
Director Choi explained that the department will accelerate and expand its efforts “to combat their illicit abuse by criminals of all kinds.”
Assistant Attorney General Kenneth A. Polite Jr. of the Criminal Division at the DOJ commented: “With the rapid innovation of digital assets and distributed ledger technologies, we have seen a rise in their illicit use by criminals who exploit them to fuel cyberattacks and ransomware and extortion schemes.”
Noting that the NCET was established to tackle “the criminal misuse of cryptocurrencies and digital assets,” the DOJ detailed:
The NCET will identify, investigate, support and pursue the department’s cases involving the criminal use of digital assets.
The team will focus on “virtual currency exchanges, mixing and tumbling services, infrastructure providers, and other entities that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity,” the Justice Department noted.
What do you think about the U.S. government’s efforts to tackle the challenges posed by crypto? Please comment below.
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