As digital assets are quickly evolving and the DeFi industry is spreading, criminals are quick to exploit the technology vulnerabilities, thus cyber attacks and ransomware are a frequent occurrence.
Some of the crimes involving cryptocurrencies involve “traffic in narcotics, hacking tools and illicit contraband online; commit thefts and scams; and launder the proceeds of their crimes,” the Department of Justice wrote.
Justice Department is forming a new digital currency unit and announces the national cryptocurrency enforcement team (NCET) with its first director Eun Young Choi. Until now, Ms. Choi served as a Senior Counsel to the Deputy Attorney General, working in the department for almost a decade. She is an accomplished leader in tackling crypto scams and cybercrime.
The main purpose of NCET is to address the rapidly growing crime around digital assets and distributed ledger technologies, not only in the U.S. but around the world:
“The NCET will identify, investigate, support and pursue the department’s cases involving the criminal use of digital assets, with a particular 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.”
On the Flipside
- As cryptocurrency laws become stricter to detect crime, decentralized finance might also move towards centralization.
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