Cryptocurrency

United

Big Eyes

Security

Force

A joint effort among five United States enforcement agencies to combat crimes related to the darknet and digital currency has been formalized with the establishment of the Darknet Marketplace and Digital Currency Crimes Task Force.
The task force aims to target a range of “cryptocurrency-enabled crimes,” including drug trafficking, money laundering, personal information theft, and child exploitation.
Representatives from Homeland Security Investigations (HSI) Arizona, the Office for U.S. Attorneys, the Internal Revenue Service Criminal Investigation, the Drug Enforcement Administration, and the Postal Inspection Service recently signed a memorandum of understanding to solidify their collaboration.
Since 2017, these agencies have been working together and have witnessed a surge in the utilization of cryptocurrency for illicit activities.
In a statement, they highlighted the mission of the task force: to disrupt and dismantle criminal organizations that exploit the perceived anonymity of the darknet or employ digital currency for illegal purposes.
This move reflects a global trend of law enforcement agencies establishing specialized units dedicated to tackling crypto-related crimes. Interpol, for instance, established its own crypto crimes unit in late 2022, while Canadian cities have formed local task forces.
With 93 overseas locations in 56 countries, the HSI ensures that the new task force will have an international reach.
Within the United States, the Federal Bureau of Investigation created a Virtual Asset Exploitation Unit in February, which collaborates with the Justice Department’s National Cryptocurrency Enforcement Team.
Furthermore, the Securities and Exchange Commission expanded its Cyber Unit by nearly doubling its size in the previous year.
The magnitude of the challenge faced by law enforcement is substantial. Chainalysis estimates that more than 4,000 cryptocurrency whales possess unlawfully acquired funds, while crypto phishing attacks experienced a 40% increase last year.
Nevertheless, there is evidence that the concerted efforts of law enforcement are yielding results.
Other Stories:
<a href="https://www.cryptointelligence.co.uk/bitcoin-surpasses-50-market-dominance-for-first-time-in-2-years/" rel="noopener noreferrer nofollow">Bitcoin Surpasses 50% Market Dominance For First Time in 2 Years</a>
<a href="https://www.cryptointelligence.co.uk/fund-manager-predicts-bitcoin-will-reach-1-million-gives-bullish-coinbase-assessment/" rel="noopener noreferrer nofollow">Fund Manager Predicts Bitcoin Will Reach $1 Million, Gives Bullish Coinbase Assessment</a>
<a href="https://www.cryptointelligence.co.uk/big-eyes-launch-did-all-of-the-investors-just-get-scammed/" rel="noopener noreferrer nofollow">Big Eyes Launch: Did All of the Investors Just Get Scammed?</a>

United States Agencies Unite to Form Task Force Targeting Darknet and Cryptocurrency Crimes

Crypto Intelligence

Other articles published on Jun 22, 2023

Join our free newsletter for daily crypto updates!