US Enforcement Agencies Launch Digital Currency Anti-Crime Task Force

Darknet Marketplace and Digital Currency Crimes Task Force

On June 20, a coalition of various U.S. law enforcement agencies unveiled the Darknet Marketplace and Digital Currency Crimes Task Force to address criminal activities related to the darknet and digital currency, such as drug trafficking, money laundering, theft of personal data, and child exploitation.

Last week, representatives from Homeland Security Investigations (HSI) Arizona, the Office of U.S. Attorneys, the Internal Revenue Service Criminal Investigation, the Drug Enforcement Administration, and the Postal Inspection Service inked a memorandum of understanding to create a new task force.

The IRS has used blockchain analytics to seize $10 billion worth of cryptocurrency.

Since 2017, the agencies have collaborated and witnessed an increase in the adoption of cryptocurrency. As stated in an announcement:

Law enforcement around the globe has been creating specialized divisions to deal with crypto-related matters. Interpol launched a crypto offenses unit at the end of last year. Police in Canadian cities have started constructing local task forces. This new task force will have a global reach as the HSI has 93 offices in 56 different countries.

In February, the Federal Bureau of Investigation in the United States established a Virtual Asset Exploitation Unit that will collaborate with the Justice Department’s National Cryptocurrency Enforcement Team. Additionally, the Securities and Exchange Commission increased its Cyber Unit by almost twofold in the past year.

Law Enforcement’s Efforts to Combat Crypto-Related Criminal Activity

Law enforcement has plenty of evidence to work with. According to Chainalysis, in the previous year, over 4,000 crypto whales possessed illicitly acquired funds, and crypto phishing attempts had gone up by 40%. Nevertheless, there is proof that the efforts of law enforcement are being rewarded.

US law enforcement agencies are intensifying their efforts to combat crypto-related criminal activity.