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DOJ Reveals The FBI has formed a new team to combat cryptocurrency fraud

To prevent crypto exploitation, the Federal Bureau of Investigation (FBI) has created a new team. According to the US Department of Justice (DOJ), the FBI’s new Virtual Asset Exploitation Unit is a specialized team of cryptocurrency professionals dedicated to providing research, support, and training throughout the FBI, as well as innovating its cryptocurrency technologies to remain ahead of future threats.

The new squad will work with the National Cryptocurrency Enforcement Team, DOJ.

The new FBI branch will work with the Department of Justice’s National Cryptocurrency Enforcement Team to prevent “illicit exploitation of cryptocurrencies” (NCET). Eun Young Choi’s appointment as the NCET’s first director had previously been announced by the Justice Department.

The DOJ stated that Choi “is an accomplished leader on cyber and cryptocurrency concerns.” Choi stated that the department’s measures “to prevent their illicit exploitation by criminals of all kinds” will be accelerated and expanded. The NCET will concentrate its efforts on cryptocurrency exchanges, mixing and tumbling services, infrastructure suppliers, and other businesses that aid in illegal activity.

The Department of Justice seized $3.6 billion in Bitcoin earlier this month. Thereby, claiming it was linked to the 2016 hack of Bitfinex, a Hong Kong cryptocurrency exchange.

The US government has been looking into criminal cases involving cryptocurrency trading and transactions and has charged individuals with crimes.

The Justice Department, in particular, has continued to collaborate with federal agencies like HSI . Which is, Homeland Security Investigations, ICE (Immigration and Customs Enforcement). Then, and the IRS (Internal Revenue Service) to use their existing programs. Then, and resources to track illicit actors who use cryptocurrencies.

In addition, the DOJ continues to work with private sector companies and financial institutions to acquire insight into crypto transactions. That’s, through blockchain-based forensics research in order to discover transactions linked to illegal activity.

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