FBI Forms New ‘Virtual Asset Exploitation Unit’ To Fight Criminal Misuse of Crypto Assets

FBI Forms New ‘Virtual Asset Exploitation Unit’ To Fight Criminal Misuse of Crypto Assets

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The U.S. Federal Bureau of Investigation (FBI) is launching a new unit devoted to fighting the criminal misuse of cryptocurrency.

According to a press release from the Department of Justice (DOJ), the new “Virtual Asset Exploitation Unit” will provide analysis, support and training for the FBI.

Comprised of crypto experts, the unit will also innovate the Bureau’s “cryptocurrency tools to stay ahead of future threats.”

The Justice Department mentioned the new FBI unit while announcing that Eun Young Choi will serve as head of the new National Cryptocurrency Enforcement Team (NCET).

The DOJ created the NCET in response to what the agency sees as a wide range of crimes being perpetrated through the use of digital assets. The team plans to work closely with the FBI’s Virtual Asset Exploitation Unit, according to the Justice Department.

Choi most recently served as Senior Counsel to the Deputy Attorney General, previously working as the cybercrime coordinator for the United States Attorney’s Office for the Southern District of New York. In that capacity, Choi successfully argued against Silk Road founder Ross Ulbricht’s appeal before the Second Circuit.

Says Choi of the appointment,

“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.”

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Featured Image: Shutterstock/chanchai howharn/Natalia Siiatovskaia/Nikelser Kate

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