U.S. DOJ Targeting Crypto Criminals and Those Who Help Them | CoinMarketCap

U.S. DOJ Targeting Crypto Criminals and Those Who Help Them

, according to a recent report by the Financial Times. The DOJ's national cryptocurrency enforcement team , led by Eun Young Choi, is focusing on cases where DeFi protocols and chain bridges are exploited by criminals, especially by North Korean state-sponsored hackers. The NCET was established in February 2022 as a central unit for coordinating the DOJ's actions against crypto-related crimes, such as money laundering, cybercrime and forfeiture. Choi, who has nearly a decade of experience as a prosecutor in the DOJ, said that the department is targeting companies that commit crimes themselves or enable them to happen by obscuring the trail of transactions.

Choi also noted that sophistication of crypto criminals has increased tremendously over the years. She cited the example of Euler Finance, a DeFi platform that suffered a flash loan attack in March 2022, resulting in the loss of over $196 million in DAI, USDC, stETH and WBTC. She said that such attacks pose a challenge for law enforcement, as they require a high level of technical expertise and coordination.

The DOJ's crackdown on DeFi hackers and thieves is part of a broader trend of increased regulatory scrutiny and enforcement in the crypto space. The Securities and Exchange Commission , the Commodity Futures Trading Commission , and the Financial Crimes Enforcement Network have also been actively pursuing cases against crypto firms and individuals that violate securities laws, commodities laws, or anti-money laundering rules.I've been writing about Bitcoin since 2014.

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