thecoinrise.com
The United States Department of Justice (DoJ) has established a new unit, which will be composed of more than 150 federal prosecutors, with the intention of fighting illegal activities associated with cryptocurrencies. In addition, the government intends to initiate the implementation of a set of regulatory frameworks that, if completed, will facilitate the growth of the local digital asset sector.
During an interview with The Wall Street Journal, the DoJ revealed its intention to curb the use of cryptocurrency in crimes including money laundering and terrorism financing. As a result, it established “The Digital Asset Coordinators Network,” a group of federal prosecutors. The experts are supposed to use their knowledge to identify and prevent such illegal actions.
The newly established division will educate other government officials on emerging challenges in the sector, such as taxation and environmental issues, in addition to tracking down and prosecuting cryptocurrency criminals.
DoJ previously formed a separate division
Before this, in October last year, the DoJ announced a new division called The National Cryptocurrency Enforcement Team (NCET) to combat the fraudulent crypto schemes and, more specifically, cybercriminals from North Korea and Iran. Later, it appointed cybersecurity prosecutor Eun Young Choi as its first director. Digital assets, according to Choi, are becoming more and more popular among criminals, thus it is crucial to pay attention to this issue. She stated:
“Digital-asset crimes are truly multidisciplinary. They are cross-border, complex, and challenging investigations, and they require a certain level of competency.”
It is important to note that the NCET’s founding has had a positive influence on how the DoJ fights cryptocurrency criminals.
Law enforcement officers seized digital assets worth over $34 million in April from a Dark Web hacker. The latter is a South Florida resident who used an online alias to trade cryptocurrency for more than 100,000 illicit products sold across marketplace.
On the other hand, Federal Bureau of Investigation or FBI has also intensified its efforts to catch cybercriminals. In February, FBI decided to form a special team to address crypto exploitation, as TheCoinRise reported.