• The United States Department of Justice (DOJ) plans to target rogue crypto trading platforms and such investment scams.
• Eun Young Choi, director of the National Cryptocurrency Enforcement Team (NCET), said her department will go after entities that help criminals process their illicit money or turn a blind eye to such activities.
• NCET’s focus is on hackers and exploiters of Defi, bridge chain, and other crypto-related crimes.
DOJ’s Crypto Crackdown
The United States Department of Justice (DOJ) plans to direct its focus towards cracking down on rogue crypto trading platforms and investment scams. Recently, an FBI report revealed that American citizens lost $2.5 billion to crypto scams in 2022. Eun Young Choi, director of the National Cryptocurrency Enforcement Team (NCET), said her department will go after entities that either help criminals process their illicit money or turn a blind eye to such activities.
Focus Areas
NCET was formed by DOJ in October 2021 and Choi was appointed its inaugural director in February 2022 with over a decade of experience with the DOJ. She also clarified that her team would target crypto investment scams, particularly what is “pig butchering” – a term that refers to scammers developing a relationship over a period before striking their victims. Additionally, they plan to increase enforcement in Defi and bridge chain exploitations due to state-sponsored actors perpetrating these crimes.
Rogue Exchanges
Choi stated that focusing on rogue exchanges will have a multiplier effect as it will prevent criminal actors from easily profiting from their crimes and cashing out in ways that are problematic for law enforcement agencies around the world.
Crypto Investment Scams
The NCET team aims at targeting crypto investment scams perpetrated by criminals who try to build relationships with potential victims before striking them off financially. They also plan to investigate hackers and exploiters who are involved in Defi, bridge chain related crimes or any other crypto-related crime activity happening around the world today.
Conclusion
Overall, the NCET team is gearing up for increased enforcement against rogue exchanges, cryptocurrency investment fraudsters, hackers and exploiters involved in Defi, bridge chains or any other type of cryptocurrency related crime activity taking place across the globe today.