Five US Agencies To Form Anti-Crypto Crime Task Force

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

5 US law enforcement agencies come together to combat crypto crimes
5 US law enforcement agencies come together to combat crypto crimes

Join Our Telegram channel to stay up to date on breaking news coverage

In a concerted effort to combat the rise of crypto-related crimes, five prominent US agencies have joined forces to establish the Darknet Marketplace and Digital Currency Crimes Task Force.

Homeland Security Investigations (HSI) Arizona Special Agent in Charge Scott Brown, U.S. Attorney Gary M. Restaino, IRS Criminal Investigation Special Agent in Charge Al Childress, U.S. Drug Enforcement Administration Special Agent in Charge Cheri Oz, and U.S. Postal Inspection Service acting Inspector in Charge Greg Torbenson signed a memorandum of understanding on June 15 to memorialize the collaborative task force.

US’s Crypto Crimes Task Force 

According to a the statement posted on the US Immigration and Customs Enforcement (ICE) website on June 20, the task force’s primary objective is to address the increasing utilization of the darknet and digital currencies by criminals engaged in drug trafficking, money laundering, theft of personal information, and child exploitation. 

As technology continues to evolve, criminals have exploited the digital world’s anonymity to expand their illegal activities. Recognizing this growing threat, the participating agencies aim to adapt their tools, resources, and intelligence to effectively tackle these emerging challenges.

An excerpt from the statement read:

“HSI and our partners have been working at the forefront of combating criminal activities facilitated through the use of cryptocurrency on dark web marketplaces and other anonymous platforms.”

Agent Brown emphasized the significant impact the task force would have on criminal operators stating:

“This task force will have impactful repercussions on those criminal operators who attempt to grow their businesses and launder the illicit proceeds through advancing technology. HSI looks forward to growing in this investigative space alongside our law enforcement partners.”

The collaboration among the participating agencies, including the U.S. Postal Inspection Service, DEA, IRS-CI, and USPIS, is expected to enhance interdiction and prosecution efforts, deterring digital crimes.

The task force’s formation is a response to the escalating use of the internet for the illegal sale and distribution of narcotics, firearms, technologies, personally identifying information and other contraband.

Simultaneously, criminals have increasingly turned to digital currencies to facilitate these illicit activities. With a dedicated Darknet Marketplace and Digital Currency Crimes Task Force, the agencies seek to address the unique investigative challenges posed by these emerging technologies.

The U.S. Postal Inspection Service’s participation underscores its commitment to safeguarding the mail for all recipients and handlers. Phoenix Division acting Inspector in Charge Glen Henderson said:

“Dark web vendors and their operatives believe they can hide anonymously while perpetrating their crimes. The collaborative effort of this task force proves criminals operating on the web are never truly anonymous and they will be uncovered and prosecuted.”

Global Law Enforcement Agencies Establish Specialized Units

Law enforcement agencies worldwide have recognized the need for specialized units to address crypto-related crimes. Interpol established a crypto crimes unit in late 2022. Interpol secretary general Jürgen Stock tweeted that cryptocurrencies have emerged as a significant global concern, posing a substantial threat in various jurisdictions worldwide.

Canadian cities have also formed local task forces to deal with crypto-related crimes. With 93 overseas locations in 56 countries, HSI’s Darknet Marketplace and Digital Currency Crimes Task Force will have an international reach, amplifying its effectiveness in combating cross-border crypto crimes.

Within the United States, the Federal Bureau of Investigation (FBI) created a Virtual Asset Exploitation Unit earlier this year, collaborating with the Justice Department National Cryptocurrency Enforcement Team. The Securities and Exchange Commission (SEC) also bolstered its Cyber Unit in response to the growing threat in the landscape.

While law enforcement faces numerous challenges, recent efforts have yielded positive results. Chainalysis estimated that more than 4,000 crypto whales held illegally obtained funds, and crypto phishing attacks rose by 40% last year.

However, law enforcement agencies’ dedicated units and collaborative initiatives have demonstrated their ability to counter these threats effectively.

Strengthening the Combat Against Crypto-Enabled Crime

As the Darknet Marketplace and Digital Currency Crimes Task Force becomes fully operational, the united efforts of these five US agencies are expected to significantly disrupt and dismantle criminal organizations that exploit the anonymity of the darknet and utilize digital currencies for illicit purposes.

By leveraging their collective expertise, resources, and international reach, the task force aims to make substantial strides in combating crypto-related crimes and protecting the integrity of the financial system.

The establishment of this task force reflects a growing determination among law enforcement agencies to stay ahead of criminals in the rapidly evolving digital landscape.

As technology continues to advance, collaborative efforts and specialized units will play a crucial role in safeguarding individuals and communities from the risks associated with cryptocurrency-enabled criminal activities.

Related News

Newest Meme Coin ICO - Wall Street Pepe

Rating

Wall Street Pepe
  • Audited By Coinsult
  • Early Access Presale Round
  • Private Trading Alpha For $WEPE Army
  • Staking Pool - High Dynamic APY
Wall Street Pepe

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Please enter Coingecko & CoinMarketcap Api Key to get this plugin works