Eun Young Choi, Director of the US Department of Justice (DoJ) Crypto Enforcement Team, while addressing the audience at DC Fintech Week on Tuesday, commented on crypto mixers.
Crypto mixers, a service that blends the cryptocurrencies of many users to obfuscate the origins and owners of the funds, have been causing multiple effects but aren’t responsible for slowing the investigations, as stated by the Director.
Her speech mentioned that enforcing laws against crypto crimes isn’t very different from many other activities. Explaining the process involved in tracking crypto crimes, she said it begins with the investigators tracking down the funds and then waiting for them to move to track the perpetrators or to proceed to find a lead.
In response to a question asked by the event’s moderator Chris Brummer, she pointed out the challenges posed to the DoJ with the involvement of mixers and other relevant automated tools. However, the department’s efficiency hasn’t let them slow the investigation process.
Claiming crypto crimes as a global problem, the Director revealed that the department collaborates with foreign law enforcement agencies. The department has aggressively used optimum resources and experience considering the load and requirements.
The DoJ has maintained a dual-faceted strategy to combat the threats posed by these tools- the first part focuses on how tools might make crimes easier, and the other part involves its new Digital Asset Coordinator Network. As a part of the strategy, she claimed the department has been looking at the multiplier effect. Hence, laying stress on mixers, tumblers, and money laundering because they have a multiplier effect and facilitate and ease all sorts of criminal activities.
Regarding the department’s Digital Asset Coordinator Network strategy, the Director also mentioned President Biden’s executive order for crypto.