With a rising number of crypto hacks in recent times, the head of the crypto team of the US Department of Justice has announced its next plans.
The crypto industry in the United States could be at an advantage if the US Department of Justice takes swift action on its recently announced plans to monitor crypto hacks. With hackers increasingly targeting crypto, the call for preventing such crimes has grown louder.
The US Department of Justice would be working on the exact same lines to prevent such crypto hacks. Eun Young Choi, who heads the department’s National Cryptocurrency Enforcement Team (NCET), spoke at a recent conference where she highlighted how such crimes were growing gradually.
“By its very nature the technology is built in order to not rely on intermediaries, cross-border transactions that are immutable and irreversible. Law enforcement can freeze conventional transactions, but they can’t do that with digital asset transactions,” said Choi, referring to the digital ledger technology of crypto.
With DeFi and crypto hacks becoming even more prominent in the crypto industry, Choi said they would target the source of the crimes or crypto firms that facilitate such illegal activities. Lack of proper compliance or risk management could also lead to crypto hacks, she said.
Other experts in the panel also reinforced their views about the difficulty of tracking such crypto hacks. The US Department of Justice official also spoke about the need for looking over crypto firms to check for any kind of suspicious activities.
An experienced government official speaking in a public forum against such attacks would do good for the crypto industry, which has recently felt the brunt of such crypto hacks.