The DOJ will set up a crypto-enforcement team to fight cybercrime and money laundering as the new division will enhance the regulator’s ability to fight crypto-crime. So read more on our latest crypto news today.
The U.S. Department of Justice announced a new crypto enforcement team that will fight financial crime, U.S. Assistant Attorney General Lisa Monaco announced during the Aspen Cyber Summit. She noted that the DOJ will form a new crypto enforcement team that will strengthen the department’s ability to neutralize the financial markets that allow cybercrime to thrive.
She added that a DOJ will also be set up that will focus on civil cyber fraud:
“Today we are starting a national crypto enforcement team. We have made great strides in combating cryptocurrency platform abuse and have shown – we will not hesitate to pursue platforms that help criminals launder or hide their revenues. It is an overcrowded and threatening landscape. “
Monaco states that the team, comprised of a mix of AML and cybersecurity experts, will work to protect consumers from online financial crime:
“Cryptocurrency exchanges want to be the banks of the future. We need to make sure that people can be trusted to use these systems. “
Monaco says the civil cyber fraud initiative will track companies that receive federal funding for failing to adhere to recommended cybersecurity standards. The DOJ will take action against cyber criminals, especially those who use cryptocurrencies. Monaco reported on the agency’s recent success in convicting Larry Harmon, an Ohio native who ran a BTC blender for years that helped manipulate BTC funds. Harmon pleaded guilty to money laundering allegations that tampered with the origins of cryptocurrency transactions so that law enforcement agencies could not pursue them.
As recently reported, according to research by the Anti-Phishing Working Group, more than $ 1.2 billion in cryptocurrency has been stolen since early 2017. The report comes from Reuters and is a combination of two reported and unreported thefts at around 20%. or less recovered. Dave Jevans, CEO of a crypto security firm called CipherTrace and president of APWG, told Reuters that the new General Data Protection Regulation, while just getting started, could have a negative impact on global law enforcement agencies and their ability to locate criminals who Steal crypto.
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