What will this team do?
Due to the high presence of cryptocurrency in the market today, the United States Department of Justice recently announced creating a special unit for the said online currency. Called the National Cryptocurrency Enforcement Team (NCET), the team will reportedly be responsible to handle investigations involving cases of cryptocurrency.
What Is NCET?
On Thursday, Oct. 7, The Verge reported about Deputy Attorney General Lisa O. Monaco assigning a special investigation team, as part of its unit. To be led by Assistant Attorney General Kenneth Polite Jr., the NCET will reportedly provide expertise in solving and explaining cases with cryptocurrency-involved.
According to its announcement, the said team will “dismantle the financial entities that enable criminal actors to flourish — and quite frankly to profit — from abusing cryptocurrency platforms.”
Monaco said on the DOJ page that they believed technology is advancing really fast nowadays. Thus, the reason why NCET is necessary to “investigate and prosecute the fraudulent misuse, illegal laundering, and other criminal activities involving cryptocurrencies.”
The agency also believed that cryptocurrency could be used as a “wide variety of criminal activity.”
As reported, one of the major examples of crypto crime is what happened to the Colonial Pipeline. According to that investigation, the company paid a ransom to a group called Dark Side, for which they paid $5 million worth of cryptocurrency.
According to the announcement, the NCET has a detailed job description for their position. As said, they must:
- Investigate and prosecute cryptocurrency cases, comprising a central part of a nationwide enforcement effort to combat the use of cryptocurrency as an illicit tool.
- Develop strategic priorities for investigations and prosecutions involving cryptocurrency, in consultation with the USAOs, Department components, and investigative agencies involved in cryptocurrency investigations.
- Identify areas for increased investigative and prosecutorial focus, including professional money launderers, ransomware schemes, human traffickers, narcotics traffickers, and financial institutions working with cryptocurrency.
- Build and enhance relationships with cryptocurrency-focused AUSAs and prosecutors with other Department litigating components and offices to pursue cryptocurrency investigations and prosecutions.
- Develop and maintain relationships with federal, state, local, and international law enforcement agencies that investigate and prosecute cryptocurrency cases.
- Train and advise federal prosecutors and law enforcement agencies in developing investigative and prosecutorial strategies. Such training and advice will include providing guidance concerning search and seizure warrants, restraining orders, criminal and civil forfeiture allegations, indictments, and other pleadings.
- Support the coordination and sharing of information and evidence among law enforcement offices to maximize the effectiveness of the Department’s investigations, prosecutions, and forfeitures involving cryptocurrency.
- Collaborate and build relationships with private sector actors with expertise in cryptocurrency matters to further the criminal enforcement mission.
How many Americans get scammed via crypto?
Since America has one of the largest numbers of crypto addicts, it also records a high percentage of crypto scams for the past year.
In the CBS News report in June, Americans have already lost more than $80 million money due to cryptocurrency. The majority of the victims experienced the scams through investment tactics.
As Elon Musk warned before: “Cryptocurrency is promising, but please invest with caution.”