Justice Department Sounds Alarm on Rise in Cryptocurrency Crime
Authorities Call for Public-Private Cooperation to Fight Crypto Scammers
The Department of Justice (DOJ) has alerted the public that cryptocurrency and digital assets are increasingly prevalent in criminal activity.
At a conference hosted by the Financial Times, DOJ National Cryptocurrency Enforcement Team (NCET) Director Eun Young Choi acknowledged that the agency has seen a significant increase in crypto-related crime over the past few years. last years.
The conference, titled “Can Law Enforcement Protect Consumers From Crypto Scammers?” included representatives from the DOJ, the UK National Police and the private sector.
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 activity.
At a conference hosted by the Financial Times, Eun Young Choi, director of the DOJ's National Cryptocurrency Enforcement Team (NCET), acknowledged a significant increase in crypto-related crime in recent years.
The conference, titled “Can Law Enforcement Protect Consumers From Crypto Scammers?”, brought together representatives from the DOJ, UK National Police and the private sector.
Government law enforcement officials have stressed that tackling cryptocurrency-related crime requires a distinct approach and mindset. They recognized that the greatest risks come from those who neglect appropriate risk management and compliance measures.
Phil McInerney, Chief Inspector at the UK's National Police Chief's Council (NPCC), pointed out that ransomware is a major threat in the UK. He highlighted the importance of public-private cooperation to reduce crypto-related crime.
The DOJ, with years of experience investigating cybercrime, has observed that cryptocurrency and digital assets are involved in various forms of criminal activity.
According to Choi, the technology behind cryptocurrencies works without intermediaries, which makes it difficult for law enforcement to freeze digital asset transactions.
Choi expressed the DOJ's interest in investigating the growing use of decentralized platforms that circumvent authorities. She anticipates an increase in criminal activity in this area.
Aidan Larkin, Founder and CEO of Asset Reality, a company that specializes in providing law enforcement with proper asset recovery tools, remains optimistic about public-private partnerships despite the complexity of borderless crypto assets in the world. criminal investigations.
During the conference, panelists urged the public to report any form of criminal activity, regardless of the extent of the damage. They also highlighted the need for a distinct approach and mindset when dealing with cryptocurrency crime.
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Officials said cryptocurrency crime requires a different approach and mindset. They recognized that the greatest risks come from those who do not invest in proper risk management or compliance.
Phil McInerney, Chief Detective Inspector at the National Police Chief's Council (NPCC) in the UK, said "Ransomware in particular poses a major threat to the UK". He also believes that public-private cooperation will be key to reducing crypto-related crime.
The DOJ has been investigating cybercrime for many years and has seen cryptocurrency and digital assets touch every aspect of the criminal activity they investigate.
According to Choi, the technology is designed in a way that does not rely on intermediaries, which makes it difficult for law enforcement to freeze digital asset transactions.
Choi said the DOJ wants to investigate the increased use of decentralized platforms, which allow authorities to be circumvented. She believes there will be an increase in criminal activity in this area.
Aidan Larkin, founder and CEO of Asset Reality, a company that focuses on giving law enforcement the tools to properly recover stolen assets, is optimistic about public-private partnerships, even if the borderless nature of crypto assets makes criminal investigations much more difficult. .
The three conference panelists urged the public to notify authorities of any sort of criminal activity, regardless of the extent of the damage. They also recognized that cryptocurrency crime requires a different approach and mindset.
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