The US Department of Justice establishes a cryptocurrency enforcement team with the goal of eradicating money laundering, fraud, and illicit market trading activities.

During the Aspen Cyber Summit yesterday, December 6th, Deputy Attorney General of the United States, Lisa Monaco, announced the establishment of a national-level cryptocurrency enforcement team called the National Cryptocurrency Enforcement Team (NCET). The team aims to address the current complex and numerous cryptocurrency litigation cases.

Justice Department Enforcement Goals

In an official statement regarding this matter, the Justice Department emphasizes that activities related to cryptocurrency transactions, mixing services, and money laundering will be the focus of investigations. They will also assist victims of cryptocurrency-related crimes in recovering assets lost due to fraud or ransom demands. Lisa Monaco stated:

As technology evolves, so must the Department of Justice to root out illicit activities on platforms and ensure confidence in these systems by users.

In addition to money laundering and fraud, the Justice Department also highlights that cryptocurrencies are often used as the primary currency in black markets, enabling the purchase of drugs, firearms, illegal software, and more. To track and prosecute such cryptocurrency cases, the NCET (National Cryptocurrency Enforcement Team) aims to enhance interdepartmental knowledge in the field of cryptocurrency and blockchain.

Justice Department's Breakthrough

In early May of this year, the major U.S. fuel pipeline operator, Colonial Pipeline, was targeted by hackers who threatened to disrupt energy supplies and demanded a ransom. This incident sparked widespread discussion at the time, and with cooperation between the Justice Department and the FBI, they successfully recovered 63.7 bitcoins as ransom.

Team members of the NCET primarily come from the MLARS (Money Laundering and Asset Recovery Section), the CCIPS (Computer Crime and Intellectual Property Section), and detailed personnel from the Criminal Division of the U.S. Attorney's Offices. The establishment of a dedicated cryptocurrency enforcement team within the Justice Department reflects the determination of U.S. law enforcement agencies. Given the increasing frequency and complexity of cryptocurrency-related cases, traditional investigative methods are no longer sufficient. Through collaboration with professional teams and the integration of knowledge from various departments, they hope to demonstrate reliable judicial review capabilities in the complex world of cryptocurrency and blockchain.