The Federal Bureau of Investigation (FBI) has launched a new unit to combat crypto exploitation. The new team will work with the Department of Justice's National Cryptocurrency Enforcement Group (DOJ) to combat "criminal misuse of cryptocurrencies."

FBI Creates New Crypto Division; Justice Department Appoints First Director of National Anti-Cryptocurrency Group
The Federal Bureau of Investigation (FBI) has launched a new crypto division. According to a statement from the U.S. Department of Justice (DOJ):

The FBI's new Virtual Asset Exploitation Unit [is] a specialized group of cryptocurrency experts dedicated to analyzing, supporting, and training the FBI, as well as innovating their cryptocurrency tools to stay ahead of future threats.

In addition, on Thursday, the Ministry of Justice announced the appointment of Eun Yong Choi as the first director of the National Anti-Cryptocurrency Group (NCET). Choi "is an experienced leader in cybersecurity and cryptocurrency issues," the Ministry of Justice clarifies.

Director Choi explained that the department will accelerate and expand its efforts "to combat the illegal abuse of them by criminals of all stripes."

Assistant Attorney General Kenneth A. Polit Jr. from the Criminal Division of the Department of Justice commented: "With the rapid introduction of digital assets and distributed ledger technologies, we are seeing an increase in their illegal use by criminals who use them to fuel cyber attacks and ransomware. and extortion schemes."

Noting that NCET was created to combat the "criminal misuse of cryptocurrencies and digital assets," the Ministry of Justice clarified:

NCET will identify, investigate, support and prosecute the department's cases related to the criminal use of digital assets.

The team will focus on "virtual currency exchanges, mixing and mixing services, infrastructure providers and other organizations that allow the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity," the Ministry of Justice noted.