An experienced prosecutor who was a cybercrime coordinator will lead the NCET to combat cryptocurrency crimes. Deputy Attorney General Kenneth Polite Jr. said some criminals exploit crypto assets to launch cyberattacks and ransomware schemes.
The US Department of Justice (DOJ) recently announced that two units would combat crimes related to cryptocurrencies. One is the National Cryptocurrency Enforcement Team (NCET) and the other the new Virtual Assets Exploitation Unit of the FBI. The latter is an American intelligence and investigative agency that has already worked on cryptocurrency-related cases.
A team of cryptocurrency experts makes up the new Virtual Assets Exploitation Unit of the FBI. They provide analysis, support, and training to that government entity. Besides, they innovate their cryptocurrency tools to prevent threats.
Deputy Attorney General Kenneth Polite Jr. said that the rapid innovation of cryptocurrencies has contributed to increasing illicit activities. He mentioned that some criminals exploit them to launch cyberattacks and ransomware schemes.
The new Virtual Assets Exploitation Unit of the FBI comes after the Department of Justice made its biggest-ever financial seizure.
The FBI Forms a New Unit to Control Cryptocurrencies
The Virtual Assets Exploitation Unit of the FBI consists of cryptocurrency experts. They will work in a nerve center to provide equipment, blockchain analysis, seizure of virtual assets, and training to the government entity.
In that sense, the US Department of Justice hired a prosecutor with experience in computer crimes. She will lead its new national cryptocurrency enforcement team. The DOJ recently announced that the FBI would launch a blockchain analysis and virtual asset seizure unit.
Deputy Attorney General Lisa Monaco announced that Eun Young Choi would lead the cryptocurrency team of the Department of Justice. In addition to being an experienced prosecutor, she was a cybercrime coordinator for the Southern District of New York.
Opinion of the New Team on the Illicit Use of Cryptocurrencies
Eun Young Choi said that the NCET seeks to control the growth and evolution of the technology around cryptocurrencies. Likewise, the Department of Justice must contribute to accelerating and expanding its efforts to combat the illicit use of those digital assets.
The National Cryptocurrency Enforcement Team will strive to fulfill its critical role in combating illicit cryptocurrency activities. The former cybercrime coordinator said that the unit would identify, investigate, support, and pursue cases of concern to the Department of Justice.
For her part, Attorney General Lisa Monaco noted that they were sending a clear warning to criminals using cryptocurrencies for their schemes. In addition, she urged all companies related to those assets to collaborate in eradicating illicit activities with them. In that regard, she threatened to hold them accountable to the extent possible if they did not.
The security regarding the use of cryptocurrencies worries the government entities of many countries. For that reason, they have created commissions to monitor how people use them to prevent crimes. However, several studies indicate the percentage of crimes with crypto assets is lower than with fiat money.
By Alexander Salazar
