With a lack of regulation and understanding running rampant in the cryptocurrency world, crypto has been used to manipulate and steal from people in all kinds of crimes. Now, the US Department of Justice has stepped in with the creation of a brand new team assigned specifically to combat crypto-crime.
Earlier this week, the Justice Department announced the creation of the National Cryptocurrency Enforcement Team (NCET). Pulling from divisions who expertise in certain areas across the department, NCET will include several members with varying skill sets to investigate crypto-crime.
The team will consist of various members of different divisions within the Justice Department, including some from the department’s Money Laundering and Asset Recovery Section, and the Computer Crime and Intellectual Property Section. Its sole task will be to investigate crimes involving cryptocurrency.
According to the Justice Department’s announcement, “cryptocurrency is used in a wide variety of criminal activity,” including, “ransomware payments, to money laundering and the operation of illegal or unregistered money services businesses.” It will be this team’s job to investigate those crimes and any more involving crypto going forward.
NCET will fall under the supervision of Assistant Attorney General Kenneth Polite Jr. As of now, the Department is still looking for a highly qualified individual to fill the position of team leader.
The Justice Department is looking to hire someone with “experience with complex criminal investigations and prosecutions, as well as the technology underpinning cryptocurrencies and the blockchain.” That’ll be quite the resumé.