Cracking Down on Crypto-Criminals: US Law Enforcement Unveils the Darknet Marketplace and Digital Currency Crimes Task Force

The United States has made its first steps into addressing the illicit activity associated with cryptocurrency and digital currency with the new Darknet Marketplace and Digital Currency Crimes Force (DMCDC). The task force was unveiled on June 20th and is made up of organizations from across the country to target crimes associated with cryptocurrency such as drug trafficking, money laundering, personal information theft and child exploitation.

Rise in Crypto-Crime: Collaboration between Law Enforcement Agencies

Since 2017, collaboration between agencies promoting law enforcement have seen a rise in the use of cryptocurrency. This task force will have an extensive global reach with the United States Homeland Security Investigations branch located in 56 countries. As the US government tackles crypto-crime, other nations are also adopting measures to crack down on criminals. Interpol has established a specialized crypto-crime unit and police officers in Canada have begun their own localized task forces.

The task force stands to have a wide array of resources to work with. Crypto whales possess billions in illicit crypto funds, while phishing attacks have surged, targeting increased victims. The FBI established a Virtual Asset Exploitation Unit, while the SEC has significantly expanded its Cyber Unit.

Darknet Marketplace and Digital Currency Crimes Task Force: Cracking Down on Crypto Criminals

Other countries such as the UK are also proactively working towards combatting crypto-related crime. Their National Police Department created a cryptocurrency and virtual-assets team and issued a job posting for a “cryptocurrency investigator.”
The UK is also placing “crypto tactical advisers” within police departments and expanding authorities’ powers to seize illegal cryptocurrency activities.

The Department of Justice is studying ways to investigate criminals using decentralized platforms in response to their rise. These changes indicate global law enforcement’s awareness of cryptocurrency-related issues and their efforts to control illegal activities. The combined effort from organizations globally could reduce the amount of crypto-crime within the next few years. All public sectors should be keeping in mind to always report any suspicious activity, regardless of its size.

The Darknet Marketplace and Digital Currency Crimes Task Force (DMCDC) aims to crack down on crypto-criminals and ensure public safety. Given global cooperation among governments and agencies, it is crucial to monitor and analyze further developments for security purposes.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Kassidy Florette
Kassidy followed her friends to buy her first Bitcoin in 2015, has been participating in various projects since 2019 as a marketing communication lead. Her knowledge and passion brings her in as a contributor.