The FBI is all set to have a new Crypto Crimes Unit to track and seize illicit cryptocurrencies. On Thursday, the Justice Division announced the formation of The National Cryptocurrency Enforcement Team (NCET) for crypto regulation.
Furthermore, the division said that the Team would evaluate crypto crimes cases that might need more resources for proper investigation. Additionally, the NCET director is longtime federal prosecutor Eun Young Choi.
The U.S. Deputy Attorney General, Lisa Monaco, had announced the new unit during a keynote address at the Munich Cybersecurity Conference.
The press release says that the Team’s focus will be on crypto exchanges and other types of crypto infrastructure providers. Moreover, the Team will look into whether these digital asset platforms allow criminal misuse of cryptocurrency.
Lisa Monaco Comments On Safety Of Virtual Currencies
During the keynote address, Lisa Monaco said that establishing NCET would send a message to the public. Monaco adds, “Cryptocurrencies and virtual currencies should not be considered a safe haven.” Moreover, Monaco specified that Ransomware would be a strong focus of the NCET team. Ransomware is a type of malicious software that infects a user’s device. It restricts their access until they pay a ransom to unlock it.
Furthermore, she added that law enforcement officials need to “bust the business model” for these types of crypto-crime attacks.
Assistant Attorney General of the Justice Department’s Criminal Division, Kenneth A. Polite Jr., also explains the need for NCET.
He said, “With the rapid innovation of digital assets and distributed ledger technologies, we have seen a rise in their (crypto) illicit use by criminals.”
Additionally, Polite adds that criminals exploit cryptocurrencies to exploit and fuel cyberattacks, Ransomware, extortion schemes, traffic in narcotics, hacking tools, etc. Moreover, these criminals then launder the proceeds of their crimes.
NCET Will Be At The Forefront Of Investigating Crypto-Related Crimes
Soon after his appointment as the director of NCET, Eun Young Choi released a statement. He said, “The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception,”
Choi hopes that NCET will accelerate its efforts to catch crypto criminals. According to the director, they need to keep up with the evolving technology associated with digital assets.
Last year, the Department of Justice launched its crypto enforcement team.
Lisa Monaco commented that cryptocurrency exchanges have claimed to be the future banks. She added, “Well, we need to make sure that folks can have confidence when they’re using these systems, and we need to be poised to root out abuse.”