Crypto: A playground for cybercriminals?

The US Department of Justice is sounding the alarm: criminals have become fond of cryptocurrency to commit all kinds of crimes, ranging from extortion to state fraud. Representatives from the DOJ, UK police and the private sector came together to discuss the challenges and consider effective solutions.

DOJ warns that crypto assets are affecting all aspects of crime

The exponential growth of cryptocurrencies is not denied by investors. Unfortunately, this success also brings its growing share of malfeasance.

The Department of Justice (DOJ) has reported an increasing use of cryptocurrency in various illicit areas, such as paying ransoms demanded by criminals to return data stolen in computer attacks, as well as evading sanctions. and other restrictions.

Faced with this new trend, the Department of Justice (DOJ) has set up a National Cryptocurrency Enforcement Team (NCET) to investigate criminal activities related to crypto.

At a conference organized by the FinancialTimesEun Young Choi, Director of NCET, said that cryptocurrency is touching “ all aspects of the criminal activities on which [ils] investigate“.

Hunt down crypto criminals

To address the current issues plaguing the industry, a panel under the theme ” Can law enforcement protect consumers from crypto scammers? ” has been set up. Representatives from the US Department of Justice, the UK National Police and the private sector participated.

Although the Department of Justice (DOJ) has had a team investigating cybercrime for many years, Choi pointed out that the agency has seen a huge increase in crypto-related crime over the past few years.

Phil McInerney, Chief Inspector of the National Police Chief’s Council (NPCC) in the UK, meanwhile said that ransomware is a major threat to the UK.

Faced with this new form of crime, the two law enforcement officials recognized the need for a different approach and mindset.

By its very nature, technology is designed not to depend on intermediaries, immutable and irreversible cross-border transactions. Law enforcement can freeze conventional transactions, but they cannot with digital asset transactions. said Eun Young Choi.

The DOJ has taken steps to address issues presented by obscure exchanges and platforms, including crypto mixers. Panelists emphasized that public-private cooperation is key to fighting crypto-related crime.

At the same time, Europol is focused on its mission to hunt down all cybercriminals looking to exploit the crypto world. Together, these initiatives are crucial to strengthening security and eradicating cybercrime in the use of crypto assets.

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