According to the Department of Justice, the FBI is developing a new squad dedicated to cryptocurrencies (DOJ). The Department of Justice stated Thursday that the new squad would collaborate closely with the National Cryptocurrency Enforcement Team.
The National Cryptocurrency Enforcement Team’s first director will be prosecutor Eun Young Choi, who has a history in cyber-related offenses.
“The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception,” said Director Choi. “The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds. I am excited to lead the NCET’s incredible and talented team of attorneys and to get to work on this critical priority for the department.
Choi will resume her full-time duties on Thursday.
FBI’s decision to control rising crypto crimes
Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division stated that criminals had increased their illicit use with the rapid innovation of digital assets and distributed ledger technologies. They use them to fund cyberattacks, ransomware, and extortion operations, as well as to trade in drugs, hacking tools, and illicit items online, perpetrate thefts and frauds, and launder the proceeds of their crimes, according to him.
He mentioned that NCET would be the focal point for the department’s efforts to combat the rise in technology-related crime.
The enforcement team will concentrate on the problems that arise from the illicit usage of cryptocurrencies and digital assets. The group will also include prosecutors with expertise in cryptocurrencies, cybercrime, money laundering, and forfeiture from throughout the agency.
The squad will collaborate with others throughout the department, along with the FBI’s new cryptocurrency task force.
The FBI’s new unit will be comprised of crypto professionals who will aid the bureau with analysis, support, and training. According to the department, the team will also reinvent its cryptocurrency technologies to remain ahead of new threats.
With the growing popularity of crypto, crimes are also on the rise. A dedicated team to investigate cryptocurrency crimes ensure that the culprits will be caught on time and also it will help to reduce the crimes from happening.