The US Department of Justice (DoJ) has picked computer crimes prosecutor Eun Young Choi to help with the institution’s efforts in clamping down on crimes related to the crypto industry.
Choi has been tapped to lead the DoJ’s new cryptocurrency enforcement team. His name is linked to a successful case against a Russian hacker who stole information about 80 million JPMorgan Chase & Co customers.
Deputy Attorney General Lisa Monaco said that Choi’s appointment serves as a clear warning to criminals who use cryptocurrencies to finance their operations.
“We also call on all companies dealing with cryptocurrency – we need you to root out cryptocurrency abuses. To those who do not, we will hold you accountable where we can”, Monaco said from Germany, where she was attending the Munich Cyber Security Conference.
The DoJ also announced that the Federal Bureau of Investigation (FBI) is launching a dedicated unit to address issues related to crypto crime, and specifically blockchain analysis and virtual asset seizure.
This comes in the wake of a successful operation launched by the DoJ which was able to apprehend a New York-based couple and retrieve $4.5bn worth of bitcoin tokens that were stolen back in 2016.
This development marked one of the most successful law enforcement efforts in the US to counteract crypto-related crimes.
The FBI and DoJ hope that through the allocation of new resources, they will be able to pursue a clearer and more successful course of action against fraudsters.
Monaco has revealed a new virtual currency initiative that will seek to take the fight to criminals and even risk tipping them off in a bid to act preventively against risks.