The US DoJ Established a Unit of Prosecutors to Limit Crypto Crime

The Department of Justice (DOJ) of the United States created a unit consisting of over 150 federal prosecutors whose goal will be to combat cryptocurrency-related criminal activities. The government also plans to establish a series of regulatory frameworks that will aid in the development of local digital assets.

The DOJ created a new division called “National Cryptocurrency Enforcement Team” earlier this year and named Eun Young Choi, a cybersecurity prosecutor, as its head.

Crypto Frauds: We Need to Focus More

The DOJ stated its intent to restrict the use of cryptocurrency in crimes like money laundering and terrorist financing in a recent interview with The Wall Street Journal. It created a federal unit called “The Digital Asset Coordinators Network” to assist in identifying and preventing such illegal activities.

Eun Young Choi, the first Director of the “National Cryptocurrency Enforcement Team”, argued that digital assets are becoming more popular among wrongdoers. Therefore, it is important to focus on this matter.

“Digital-asset crime is truly multidisciplinary. These crimes are multi-disciplinary, cross-border and complex. They require certain levels of competence,” she said.

The newly established division will not only hunt down and bring to justice crypto-scammers, but also educate other government officials about the arising issues in the sector such as taxation, environmental, and taxation.

The DOJ established the “National Cryptocurrency Enforcement Team” at the start of 2022 to combat fraudulent cryptocurrency schemes, and more specifically cybercriminals from North Korea and Iran. The Department named Choi the leader of the unit in February.

“We are trying to centralize so we can be a one-stop-shop for all the subject matter specialists within the department.”

Crypto Criminals vs. the DOJ

It is important to note that the Department of Justice’s operations against cryptocurrency criminals have been positively affected by the creation of the “National Cryptocurrency Enforcement Team”.

A Dark Web hacker was the target of law enforcement agents who confiscated digital assets worth $34 million from him in April. This was a South Florida resident who sold more than 100,000 illegal items on the market using an online pseudonym in exchange for cryptocurrency.

Joint investigations by multiple federal, state and local authorities led to the identification of the wrongdoer. 919.3 ETH and 643 BTC were seized from him.

The DOJ indicted Luiz Capuci Jr., CEO and co-founder at Mining Capital Coin (MCC), of operating a crypto pyramid scheme worth $62 million a month later. He promised users great rewards, but in return, he used the funds to buy luxury items such as Ferrari, Porsche, Lamborghini and Lamborghini. If convicted, Capuci could be sentenced to a maximum of 45 years imprisonment.

The first CryptoPotato article was The US DoJ Establishes a Unit of Prosecutors To Limit Cryptocrime

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami