US Justice Department Plans to Grow Its Crypto Crime Team

In a bid to ramp up its efforts against crypto crimes, the United States Department of Justice (DoJ) has decided to double the staff of its dedicated crypto crime unit.

With the addition of more acting prosecutors and a change in leadership, the unit, established in 2021, aims to widen its scope of operation.

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On July 20th, the DoJ released the statement made by Principal Deputy Assistant Attorney General Nicole Argentieri at the Center for Strategic and International Studies.

Argentieri revealed that the DoJ will merge two of its teams: the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET).

After the merge, the NCET, an “enormously successful startup,” will proceed with its original task of investigating and prosecuting criminal activities linked to the misuse of cryptocurrencies. On top of that Principal Deputy Assistant Attorney General expressed her belief that incorporation with the larger CCIPS team will give it additional resources.

Argentieri revealed that the number of legal representatives from the criminal division involved in cryptocurrency-related cases will experience an increase of more than double.

The DoJ will also see a change in the directorial position, with Claudia Quiroz, a former assistant attorney from the US Attorney’s Office for the Northern District of California and a deputy director of NCET, appointed as the new head of the team.

The newly reinforced unit will have the immediate task of dealing with ransomware crimes. The NCET will prioritize tracing criminals via cryptocurrency transactions and attempt to freeze or seize their funds “before they go to Russia and other ransomware hotspots.”

Established in 2021 as a part of the DoJ’s Cryptocurrency Enforcement Framework, the NCET had earlier in May 2023 revealed its focus on thefts and hacks involving decentralized finance, specifically “chain bridges.”

The US DoJ’s decision to strengthen its crypto crime unit signals a determined effort to combat the growing menace of ransomware crimes and the broader issues related to cryptocurrency misuse.

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• Source: https://www.bitdegree.org/crypto/news/us-justice-department-is-looking-to-grow-its-crypto-crime-team