‘FBI to launch crypto crimefighting unit,’ have you heard this news yet? Well, if not then, here is everything you should know about it. The Federal Bureau of Investigation has decided to launch a new team to investigate cryptocurrency crimes. There are many types of crimes related to cryptos that require investigation.
Everyone has thought about whether an investment in cryptocurrencies is safe or not. We are well aware that investment in cryptos can make you rich. However, you cannot neglect that it is highly risky. Despite the risks involved, the crypto industry can be seen growing and prospering currently. People are adopting cryptocurrency wholeheartedly, showing that the cryptocurrency industry is maturing. Anyhow, we cannot ignore the increasing number of crimes with the high demand for cryptos.
Don’t you think it is important to have a crime-fighting unit to fight against the crimes related to cryptos? Hopefully, we have good news as the FBI to launch a crypto crimefighting unit. You must be having a lot of questions in your head related to what exactly this is and many others. So, we will discuss everything here in our post.
FBI To Launch Crypto Crimefighting Unit
On February 17, the Department of Justice(DOJ) announced that the Federal Bureau of Investigation would launch a crypto crimefighting unit. This team or unit is formed keeping in view the increasing crime cases related to cryptos.
The Virtual Asset Exploitation Unit (VAXU), is a division involving crypto safety professionals who will manage blockchain analysis to trace and grab digital funds linked with illegal or illicit activities. This may also be helpful to innovate the crypto tools to protect them against any cyber threats in the future.
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DOJ Boosts Crypto Surveillance
A New York couple was charged for laundering Bitcoin tied to a 2016, well-known digital currency exchange Bitfinex. Hence, the unit was created after this. The officials seized $3.6 billion of the looted funds within the largest-ever monetary seizure of the department. This was the first main coup for the DOJ since the launch of its Anti-Money Laundering (AML) and cybercrime enforcement unit at the end of the previous year.
Who Will Lead The NCET?
Deputy Attorney General Lisa Monaco declared that the National Cryptocurrency Enforcement Team (NCET) would consider the types of crypto crimes that require more resources to examine and conduct these cases. It was also announced that the team would be headed by the established cybercrime prosecutor Eun Young Choi.
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There was a clear message in the conference that virtual currencies should not be considered shelters. The NCET will be improving and providing support to investigate the crimes and cases related to digital assets and cryptocurrency worldwide.
Before establishing NCET, digital assets worth more than $2 million were seized by a federal task force. These assets were used as ransom after a cyber-attack on the US Colonial Pipeline system that impacted computerized equipment managing the significant calculated infrastructure.
Both the teams will collaborate and investigate cryptocurrency-related offenses. Companies have a clear message that if a crime is reported, they will track the money, assist them, and try to prevent the next victim.
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This was all about the news related to the FBI launch of a crypto crime-fighting unit. Launching a crypto crime-fighting unit will build trust and confidence in the investors. It will also develop fear in criminals’ minds, and cyber threats will be reduced.
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Frequently Asked Questions
1. For Which Crimes Can Cryptocurrency Be Used?
Cryptocurrency can be used for money laundering, cybercrime, terror funding, child exploitation, and many others.
2. What Is A Crypto Crime Fighting Unit?
These are systems to reduce crimes by tracking and seizing funds associated with illicit activities.