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- 1 The Department of Justice (DOJ) is raising alerts for Criminal Activity in every area the agency is exploring.
- 2 The losses due to cyber theft rose to $3.7 billion last year.
The Department of Justice raises an alarm by declaring a sharp ascent in criminal activities. Every criminal activity that they investigate is touched by cryptocurrency.This is told by National Cryptocurrency Enforcement Team (NCET), Eun Young Choi, at a conference hosted by the Financial Times.Cryptocurrency crime is flourishing, and so do the crypto crimes. The crime was up by 0.24% in 2022. It was 0.12 % in 2021.
DOJ Revealed The Rise In Crypto Crimes
While addressing this current issue troubling the industry, the panel from the Department of Justice in the U.S., the National Police in the U.K., and the private sector titled ”Can law enforcement protect consumers from crypto scammers?
The DOJ revealed that the agency had seen a huge increase in crypto-related crime over the past many years. To have a detailed outlook from the other side of the Atlantic, the Detective Chief Inspector at the National Police Council (NPCC) in the UK, Phil McInerney, told the panel, “Ransomware particularly was a key threat to the UK.”
Choi stated, “ There are few challenges.” Crypto technology is built very independently. It does not depend on third parties for transactions. So it is very difficult to stop the conventional transactions.
The DOJ also revealed that the agency also monitors the problems faced by exchanges and other problems in certain platforms like tumblers or mixers, which confuse the sender and receiver of a transaction. The department finds that the huge risks come from those who do not invest in proper risk management or compliance.
The Worst Cases of Theft
The worst case of theft was $625 million with crypto assets from Ronin Bridge. It is a platform that authorizes the movement of currency between the blockchains. Later the U.S. government identifies the proprietors of this attack as a North Korean Group.
The recent case of a $1.5M crypto asset scheme led to a 2-year prison term for ex-Coinbase managers. It is one of several high-profile cryptocurrency-related cases brought by U.S. prosecutors in New York. Prosecutors have said that Wahi shared confidential information with his brother Nikhil and their friend Smeer Ramani about which digital asset will be listed on Coinbase; this has allowed them to make $1.5 million by trading 55 digital assets ahead of the listing announcements between June 202 and April 2022.
These incidents raise the concern of national as well as international securities.
McInerney from the UK said- That public and private corporation is important for reducing crypto-related crime. Asset Realty founder and CEO Aidan Larkin also appeared on the panel. His company works on providing the tools to retrieve the stolen assets. He also said that he is hopeful for the present and future of public and private partnerships, even if the borderless nature of crypto assets makes criminal investigations much more difficult.
The three panelists come to a common conclusion and urge people to come up with complaints of criminal activity overlooking the size of the damage. Sealing the panel, the DOJ’s Choi said the panel is also interested in investigating the decentralized platforms.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
