According to a recent report in the , Eun Young Choi, the director of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), emphasized the department’s focus on thefts and hacks within the realm of DeFi, specifically highlighting concerns surrounding “chain bridges.”
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Choi, a seasoned prosecutor with close to a decade of experience at the agency, was in February 2022. The NCET is designed to serve as a central point for the DOJ in combating cryptocurrency-related crimes, as well as tackling cybercrime and money laundering.
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According to the FT report, the DOJ is particularly focused on the issue of DeFi-related thefts and hacks, especially chain bridges. Choi stressed the significance of this issue, especially considering the emergence of North Korean state-sponsored hackers as key players in this space.
The DOJ’s efforts to crack down on illicit activities in the crypto world underscores the need for regulators to take a proactive approach to safeguarding the financial system against threats from cybercriminals and other bad entities.
NCET Takes Aim At Crypto Mixers To Combat Money Laundering
The NCET’s mission to combat cryptocurrency-related crimes includes targeting crypto mixers and tumblers, which have been a thorn in the side of authorities due to their ability to obfuscate the tracing of funds.
These services have been used by criminals to launder money, making it difficult for authorities to track the source and destination of illicit transactions. The DOJ has taken related actions in the past to curb the use of these services by cyber criminals.
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Choi emphasized that the actions of these criminals not only hinder law enforcement’s ability to track down illegal activities but also provide an avenue for other criminal actors to cash out their gains.
She further explained that by focusing on these types of platforms, the DOJ hopes to have a multiplier effect, targeting the facilitators of criminal activity to disrupt the larger criminal network.
-Featured image from National Law Review