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Thursday, June 1, 2023

FBI Launches ‘Virtual Asset Exploitation Unit’ With Specialized Team of Crypto Experts

FBI Launches ‘Virtual Asset Exploitation Unit’ With Specialized Team of Crypto Experts – A new unit of the Federal Bureau of Investigation (FBI) has been established to combat crypto exploitation. To combat “the criminal misuse of cryptocurrencies,” the new team will collaborate with the DOJ’s National Cryptocurrency Enforcement Team.

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According to a statement released by the United States Department of Justice (DOJ):

The FBI’s new Virtual Asset Exploitation Unit is a specialized team of cryptocurrency experts tasked with providing research, support, and training across the organization, as well as inventing its cryptocurrency technologies to keep ahead of future threats.

Also Read: US Lawmakers Introduce Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal

In addition, the Justice Department announced Eun Young Choi’s appointment as the first director of its National Cryptocurrency Enforcement Team (NCET) on Thursday. According to the DOJ, Choi “is an accomplished leader on cyber and cryptocurrency concerns.”

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Director Choi stated that the department’s efforts “to prevent their illicit abuse by criminals of all kinds” will be accelerated and expanded.

“We have seen a growth in the illicit use of digital assets and distributed ledger technology by criminals who exploit them to fuel hacks, ransomware, and extortion schemes,” said Assistant Attorney General Kenneth A. Polite Jr. of the DOJ’s Criminal Division.

Also Read: Berkshire Hathaway’s Charlie Munger Says Government Should Ban Bitcoin

The NCET was designed to combat “criminal exploitation of cryptocurrencies and digital assets,” according to the DOJ:

The NCET will identify, investigate, support, and pursue cases involving the criminal use of digital assets that the agency is investigating.

According to the Justice Department, the team will target “virtual currency exchanges, mixing and tumbling services, infrastructure providers, and all other organizations that enable the misuse of bitcoin and related technology to commit or support criminal behavior.”

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