Security News > 2022 > February > Justice Department Appoints First Director of National Cryptocurrency Enforcement Team

The U.S. Department of Justice earlier this week appointed Eun Young Choi to serve as the first Director of the National Cryptocurrency Enforcement Team it established last year.

"The NCET will serve as the focal point for the department's efforts to tackle the growth of crime involving technologies," said Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department's Criminal Division.

The Justice Department is also setting up a new International Virtual Currency Initiative to allow for international law enforcement operations to trace blockchain money trails as well as develop regulations and anti-money laundering legislation to root out the abuse of cryptocurrency.

On top of that, the North Korean advanced persistent threat known as Lazarus Group launched at least seven attacks on cryptocurrency platforms that extracted roughly $400 million worth of digital assets in 2021.

Russia-linked cybercriminals also set the pace for ransomware and cryptocurrency-based money laundering activity last year, raking in nearly 74% of ransom payments in 2021 - over $400 million worth of cryptocurrency - through strains "Highly likely" affiliated with the country.

"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," Director Choi said in a statement.

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