The US DoJ established the Digital Asset Coordinator (DAC) network to tackle crypto crime

The DAC network is established to enhance DoJ’s efforts to tackle the illicit use of cryptocurrency.
September 21, 2022 - Cynthia Chung

The United States Department of Justice (DoJ) announced its criminal division has created the national Digital Asset Coordinator (DAC) network of over 150 federal prosecutors to combat cryptocurrency-related criminal activities. 

 

According to the DoJ’s announcement, ‘Furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.’

 

The members of the DAC network will each serve in specializing in a subject-matter on digital assets and serve as the primary source of information regarding legislation and technical matters related to crypto technologies. These technologies include DeFi, smart contracts, and token-based platforms, and their use in criminal activity.

 

The new crime network will tackle 3 principal categories of illicit crypto activities, including the use of crypto as payment to facilitate criminal activity; the use of crypto to conceal illicit financial activity as well as crimes involving or undermining the digital asset ecosystem. 

 

The formation of the DAC came after the establishment of the ‘National Cryptocurrency Enforcement Team’ (NCET) at the start of 2022, and appointed cybersecurity prosecutor – Eun Young Choi as its first director. 

 

NCET works with the Criminal Division’s Computer Crime and Intellectual Property Section and Money Laundering and Asset Recovery Section; the U.S. Attorneys’ offices; the National Security Division; and the FBI, including the FBI’s new Virtual Asset Exploitation Unit, a specialized team of cryptocurrency experts focused on providing analysis, support, and training across the FBI, as well as developing tools to weather potential threats in the future. 

 

Photo: Inside bitcoins

MORE CONTENT

Telegram announces launch of crypto exchange and non-custodial wallet

Dec 02, 2022

Coinbase claims Apple blocks its wallet app from releasing NFTs

Dec 02, 2022

BlockFi files for bankruptcy

Nov 29, 2022

El Salvador opens first national Bitcoin office

Nov 28, 2022