US Department of Justice wants to pull out all the stops in fight against crypto crime

Cryptocurrency stolen in 2022 increased by 37% year-on-year. The instances of crypto crimes have risen and the United States Department of Justice is prepared to tackle illegal crypto activity by implementing a range of countermeasures. 

Also read: Are these altcoins dead? Ethereum, XRP and Cardano price trends show signs of weakness

Department of Justice’s report on digital assets targets crypto crimes

Crypto hackers stole $1.9 billion worth of crypto in the first seven months of 2022. This is 37% higher than the same period in 2021. The rise has prompted the US Department of Justice to take measures to fight crypto crimes. 

According to a report from Chainalysis, a blockchain data platform, illegal crypto activity has been on the rise since 2021. The March 9 Executive Order of the department resulted in a report that discusses the manner in which illicit actors are exploiting digital asset technologies. There are several challenges that digital assets pose to criminal investigations and initiatives that the department and law enforcement agencies have established need further enhancement. 

The Department of Justice has announced significant actions regarding digital assets, including the public release of its report about the role of law enforcement in detecting, investigating, and prosecuting criminal activity related to digital assets. The department advised the establishment of the nationwide Digital Asset Coordinator (DAC) Network in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.

The White House fact sheet notes the aim of countermeasures will be

“to develop frameworks and policy recommendations that advance six key priorities identified in the EO: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.”

Attorney General Merrick B. Garland was quoted as saying,

“The efforts announced today reflect the commitment of the Justice Department and our law enforcement and regulatory partners to advancing the responsible development of digital assets, protecting the public from criminal actors in this ecosystem, and meeting the unique challenges these technologies pose.”