FBI to create a unit to combat crypto crime

The new structure will analyze on-chain activity on decentralized networks

18.02.2022 - 07:20

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What’s new? The US Federal Bureau of Investigation (FBI) has established a new structure that will analyze on-chain activity on decentralized networks. This was announced by Deputy Attorney General Lisa Monaco at the Munich Cyber Security Conference.

Link to the conference recording

What will the new unit look like? It will include investigators who are experienced in investigating incidents involving virtual assets. They should also have knowledge in the field of on-chain analysis.

“We are issuing a clear warning to criminals who use cryptocurrency to fuel their schemes. We also call on all companies dealing with cryptocurrency — we need you to root out cryptocurrency abuses,” Monaco stated.

The new unit will be a part of the National Cryptocurrency Enforcement Team (NCET), a structure whose aim is to combat cryptocurrency crimes, announced in autumn 2021.

Why was the unit created? The reason for founding the new unit was the precedent for the largest financial seizure in history conducted by the US Department of Justice. In question is a $4,5 billion BTC laundering operation that was carried out by Russian Ilya Lichtenstein and his American wife, Heather Morgan. They face up to 25 years in prison.

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