How Governments are Cracking Down on Crypto Crime: Seizures, Strategies, and Impact
Governments around the world are increasingly turning to seizing crypto related to criminal activities.
By confiscating these assets, authorities aim to disrupt criminal networks and reclaim illicit gains.
Despite the decentralized nature of cryptocurrencies, governments have developed various methods and strategies for seizing them.
As the popularity and value of cryptocurrencies soar, so too does their misuse for illegal activities.
One way to combat money laundering, terrorism financing, and other illegal activities facilitated by cryptocurrencies is through seizures.
For instance, the UK has enacted new laws that empower law enforcement to seize, freeze, and recover crypto assets without requiring an arrest.
These measures, part of the Economic Crime and Corporate Transparency Act 2023, allow authorities to confiscate assets suspected of being linked to illegal activities and even destroy them if necessary.
In the United States, the Department of Justice (DOJ) has established the National Cryptocurrency Enforcement Team (NCET), which focuses on complex investigations and prosecutions of criminal misuses of cryptocurrency.
February 2022, the FBI had already shown its commitment to tackling crypto crime with the formation of the National Cryptocurrency Enforcement Team (NCET).
All of these scammers got caught in a $30 Million crime ring.
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