US intensifies efforts to combat crypto crime

There has been an ongoing rise in cryptocurrency crimes in the US, based on which the US department of justice has created a cryptocurrency enforcement unit. The unit consists of skilled individuals from cybercrime divisions as well as DOJ money laundering. It has been announced that the National Cryptocurrency Enforcement Team (NCET) will target the use of cryptocurrency for money laundering, ransomware, the sale of drugs, and other illegal acts. 

crypto crime

The justice department is in the process of growing the team to wipe cryptocurrency crimes away from the US. However, they need blockchain experts as well as experienced and skilled crime investigators. They emphasised that the ongoing crimes through crypto have cost people millions of dollars and must be taken action against.

Ransomware gang attacking US energy companies caught by police

After an investigation carried out by the US police, two men were captured and arrested in a police raid as they had been involved in cryptocurrency crimes. The police seized 1.3 million USD in digital assets from the men, which they had obtained by targeting large industrial groups in the US and Europe since April 2020.

The criminals would hack the computers of companies and get hold of sensitive data before encrypting their files. They would then bribe the company for a ransom payment in return for the data they had encrypted, saying they would decrypt it once they received the money.

The group leader was said to be 25 years old, and after investigation, it was revealed that he had hacked into more than 100 businesses. These businesses included large energy companies in Europe and the US.

The FBI, alongside J-CAT and law enforcement officials from around the world, were involved in investigating the crime. The US authorities are now intensifying their efforts towards finding other people who share similar criminal practices and are taking crypto payments to get away with it.

US authorities continue to support the regulation of cryptocurrencies.

As the trade and use of cryptocurrencies is increasing each passing day, the US authorities are concerned about the outcome. They believe the unregulated use of cryptocurrencies will increase scams and criminal activities and put people’s money at risk. So, the cryptocurrency systems should be re-adjusted.

The authorities suggest that if we see cryptocurrencies as the future of banks, we must ensure they’re reliable. On top of that, they added that it’s essential to ensure that financial markets that promote cybercriminal activities do not flourish.

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