The FBI Is Continuously Focusing On Crypto Crime With The New Unit
A number of crypto CEOs indicated they’re cautiously hopeful about enforcement clarity as a result of the FBI’s action.
When it comes to cryptocurrency crimes, the FBI is stepping up its enforcement operations.
The Justice Department announced a new department focusing on digital asset seizure and blockchain-based illegal behavior on Thursday. The National Cryptocurrency Enforcement Team will be led by Eun Young Choi, a former senior counsel to the Deputy Attorney General (NCET).:
Choi said in a statement:
“The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception. The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds.”
The NCET will investigate and prosecute instances involving the unlawful use of digital assets, particularly those involving cryptocurrency exchanges and infrastructure firms.
According to industry players, its existence might bring long-overdue supervision to the field.
“As a custodian, we need very powerful cybersecurity,” said Heson Orser, president of cryptocurrency custodian Komainu. “In 2022, we now see more traditional financial institutions looking to come into the space, but they can’t do that through self-custody, and so they’re very much welcoming and using regulated instances.”
More regulatory monitoring would only be welcomed by conventional financial companies who are dabbling with digital assets, according to Orser.
The establishment of the new FBI unit comes just weeks after the Justice Department made its largest seizure of financial assets in history, reclaiming more than $3.6 billion in bitcoin obtained during a 2016 hack of the exchange Bitfinex.
Although crypto assets and transactions are accessible on the blockchain, determining who owns a wallet, according to Orser, is more difficult. Investigators were able to track down the putative couple in question as they moved cash around to put them to use, he added.
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The FBI Is Continuously Focusing On Crypto Crime With The New Unit
A number of crypto CEOs indicated they’re cautiously hopeful about enforcement clarity as a result of the FBI’s action.
When it comes to cryptocurrency crimes, the FBI is stepping up its enforcement operations.
The Justice Department announced a new department focusing on digital asset seizure and blockchain-based illegal behavior on Thursday. The National Cryptocurrency Enforcement Team will be led by Eun Young Choi, a former senior counsel to the Deputy Attorney General (NCET).:
Choi said in a statement:
“The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception. The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds.”
The NCET will investigate and prosecute instances involving the unlawful use of digital assets, particularly those involving cryptocurrency exchanges and infrastructure firms.
According to industry players, its existence might bring long-overdue supervision to the field.
“As a custodian, we need very powerful cybersecurity,” said Heson Orser, president of cryptocurrency custodian Komainu. “In 2022, we now see more traditional financial institutions looking to come into the space, but they can’t do that through self-custody, and so they’re very much welcoming and using regulated instances.”
More regulatory monitoring would only be welcomed by conventional financial companies who are dabbling with digital assets, according to Orser.
The establishment of the new FBI unit comes just weeks after the Justice Department made its largest seizure of financial assets in history, reclaiming more than $3.6 billion in bitcoin obtained during a 2016 hack of the exchange Bitfinex.
Although crypto assets and transactions are accessible on the blockchain, determining who owns a wallet, according to Orser, is more difficult. Investigators were able to track down the putative couple in question as they moved cash around to put them to use, he added.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
Coincu News
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