After huge DOJ Bitcoin seizure, Syed Rahman outlines the US approach to crypto fraud

With the US Department of Justice (DOJ) seizing stolen Bitcoin worth more than $3.6 billion, Tech Monitor asked Syed Rahman for his assessment of the case.

The Bitcoin that the DOJ and its new National Cryptocurrency Enforcement Team (NCET) took possession of had been stolen during a hack on the Bitfinex cryptocurrency exchange. It has been described as the largest-ever confiscation of its kind.

Syed told Tech Monitor that pooling the crypto tracking talent of the DoJ together in one team is an indicator of how seriously the US government is taking the retrieval of illicit or stolen cryptocurrencies.

He explained that it is now clear that law enforcement in the US is taking significant steps to deal with cryptocurrency fraud. This approach has been strengthened by the creation of the NCET.

He added that the DOJ appears to be focusing its efforts on cryptocurrency exchanges; with the NCET targeting abuse on cryptocurrency platforms in order to improve user confidence.

Syed's comments featured on Tech Monitor.