The news came today that the Department of the Justice of the United States has formed a formal anti-cryptocurrency crime group called the National Cryptocurrency Enforcement Team (NCET). NCET will spearhead crypto crime investigations, as well as money laundering operations connected to digital currency exchanges. It will be headed by General Kenneth A. Polite Jr, the US Assistant Attorney.
The newly formed team will be a combined effort of the Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section (MLARS).
NCET will provide the necessary support in tracing and recovering crypto coins that have been lost to scams. The DOJ added that the job of the NCET will also include the recuperation of funds paid to ransomware communities.
The official press release by the Department of Justice states that NCET will “strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish..NCET will draw and build upon the established expertise across the Criminal Division to deter, disrupt, investigate, and prosecute criminal misuse of cryptocurrency…”
The current situation in the US is that digital currencies are seeing an unprecedented rise in popularity with local retail investors, and are attracting a huge audience outside the market sectors. US-based crypto users have doubled since the beginning of 2021, and with that crypto, frauds have increased as well. With the introduction of the National Cryptocurrency Enforcement Team, the DOJ is attempting to reduce the impact of these scammers.