FBI to form new cryptocurrency unit

The FBI is forming a new team dedicated to cryptocurrency, according to the Department of Justice (DOJ).

The new team will work closely with the National Cryptocurrency Enforcement Team, the DOJ announced Thursday. 

Prosecutor Eun Young Choi, who has a background in cyber-related crimes, will serve as the National Cryptocurrency Enforcement Team’s first director. 

“The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception,” Choi said in a statement. “The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds. I am excited to lead the NCET’s incredible and talented team of attorneys, and to get to work on this important priority for the department.”

Choi begins her duties full time Thursday. 

The cryptocurrency enforcement team will focus on challenges posed by the criminal misuse of cryptocurrencies and digital assets. The team will also be comprised of attorneys from across the department including prosecutors with backgrounds in cryptocurrency, cybercrime, money laundering and forfeiture. 

The team will work in collaboration with others across the department, including the new FBI team dedicated to cryptocurrency. 

The FBI’s new Virtual Asset Exploitation Unit will be made up of cryptocurrency experts to help provide analysis, support and training across the FBI. The team will also innovate its cryptocurrency tools to stay ahead of future threats, according to the department.