Department of Justice Raises Alarm on Increasing Cryptocurrency-Related Crime
Authorities Call for Public-Private Cooperation to Tackle Crypto Scammers
The Department of Justice (DOJ) has alerted the public that cryptocurrency and digital assets are becoming more prevalent in criminal activities.
At a conference hosted by the Financial Times, the DOJ’s director of National Cryptocurrency Enforcement Team (NCET), Eun Young Choi, acknowledged that the agency has seen a significant rise in crypto-related crime over the past several years.
The conference, titled “Can law enforcement protect consumers from crypto scammers?” included representatives from the DOJ, the National Police in the UK, and the private sector.
Both government law enforcement o
The Department of Justice (DOJ) has issued a public alert, warning that cryptocurrency and digital assets are becoming increasingly prevalent in criminal activities.
During a conference hosted by the Financial Times, Eun Young Choi, Director of the DOJ’s National Cryptocurrency Enforcement Team (NCET), acknowledged a significant rise in crypto-related crime over the past few years.
The conference, titled “Can law enforcement protect consumers from crypto scammers?”, brought together representatives from the DOJ, the UK’s National Police, and the private sector.
Government law enforcement officials emphasized that combating cryptocurrency-related crime requires a distinct approach and mindset. They recognized that the greatest risks arise from those who neglect proper risk management and compliance measures.
Phil McInerney, Detective Chief Inspector at the UK’s National Police Chief’s Council (NPCC), highlighted ransomware as a major threat in the UK. He stressed the importance of public-private cooperation in reducing crypto-related crime.
The DOJ, with years of experience investigating cybercrime, has observed cryptocurrency and digital assets being involved in various forms of criminal activity.
According to Choi, the technology behind cryptocurrencies operates without intermediaries, making it challenging for law enforcement to freeze digital asset transactions.
Choi expressed the DOJ’s interest in investigating the growing use of decentralized platforms that enable circumvention of authorities. She anticipates an increase in criminal activity within that domain.
Aidan Larkin, founder and CEO of Asset Reality, a company specializing in providing law enforcement agencies with tools for proper asset recovery, remains optimistic about public-private partnerships despite the complexities of borderless crypto assets in criminal investigations.
During the conference, the panelists urged the public to report any form of criminal activity, regardless of the scale of the damage. They also stressed the need for a distinct approach and mindset when dealing with cryptocurrency-related crime.
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fficials stated that cryptocurrency-related crime requires a different approach and mindset. They acknowledged that the biggest risks come from those that do not invest in proper risk management or compliance.
Phil McInerney, Detective Chief Inspector at the National Police Chief’s Council (NPCC) in the UK, stated that “ransomware particularly was a key threat to the UK.” He also believes that public-private cooperation will be critical for reducing crypto-related crime.
The DOJ has been investigating cybercrime for many years and has seen cryptocurrency and digital assets touch every aspect of criminal activity they investigate.
According to Choi, the technology is built in a way that does not rely on intermediaries, making it difficult for law enforcement to freeze digital asset transactions.
Choi stated that the DOJ is interested in investigating the increased use of decentralized platforms, which allow for circumventing authorities. She believes that there will be a growth of criminal activity in that area.
Aidan Larkin, founder and CEO of Asset Reality, a company that focuses on providing law enforcement agencies with the tools to properly recover stolen assets, is optimistic about public-private partnerships, even though the borderless nature of crypto assets makes criminal investigations much more difficult.
The three panelists at the conference urged the public to inform authorities of any sort of criminal activity, regardless of the size of the damage. They also acknowledged that cryptocurrency-related crime requires a different approach and mindset.
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