• Legal professionals query DOJ claims that cryptocurrency crime is on the rise and are in search of proof.
• US regulators have emphasised their laser-focused mission to focus on cryptocurrency exchanges.
• NCET stepped up its efforts in opposition to cryptocurrency funding fraud and recovered $112 million.

Famend cryptocurrency lawyer John Deaton took to Twitter, questioning the US Division of Justice’s (DOJ) claims that cryptocurrency crime has “exploded” over the previous 4 years. Deaton expressed his skepticism and demanded proof to assist his claims.

The lawyer’s assertion was issued in response to a tweet by crypto influencer Keyul Rohit, citing Eunyoung Choe, the Justice Division’s chief cryptocurrency enforcement officer, who mentioned the company may simply make criminals simpler. He mentioned it’s “targeted” on concentrating on cryptocurrency exchanges that may be profitably cashed in. .

In a tweet, Deaton famous the Division of Justice’s historical past of constructing unsubstantiated claims about cryptocurrency crime and requested for proof of the Division’s claims. He additionally famous that the Justice Division has but to launch information on the quantity of cryptocurrency crimes which have occurred in recent times.

“At this level, if anybody on this administration claims something associated to cryptocurrency, I want to know the proof,” the cryptocurrency lawyer claimed.

In a current interview with the Monetary Instances, Choi mentioned the DOJ’s concentrate on combating criminal activity in cryptocurrencies, particularly concentrating on exchanges that facilitate felony exercise. . Choi careworn the necessity for strict compliance and danger mitigation measures, and promised to cease the rise of cryptocurrency-related crime.

However the crackdown isn’t restricted to exchanges. Crypto influencer Rohit tweeted that the Nationwide Crypto Enforcement Staff (NCET) is stepping up efforts to fight crypto funding fraud below Choi’s management.

Choi uncovered the sinister nature of such schemes, often known as “pig butchering,” wherein scammers use long-term relationships to achieve the belief of their victims. NCET not too long ago uncovered six such scams and recovered a staggering $112 million.