In an unprecedented cooperative effort, various law enforcement bodies across the United States have consolidated their resources to wage war against cybercrime linked to the darknet and digital currencies. On June 20, the birth of the Darknet Marketplace and Digital Currency Crimes Task Force was publicly confirmed, heralding a new era in the fight against cryptocurrency-abetted offenses such as drug trade, money laundering, identity theft, and child exploitation.

Unveiling the Interagency Anti-Cybercrime Task Force

Homeland Security Investigations (HSI) Arizona, the Office for U.S. Attorneys, the Internal Revenue Service Criminal Investigation, the Drug Enforcement Administration, and the Postal Inspection Service are the key collaborators in this new venture. These entities culminated their joint efforts last week by signing a memorandum of understanding, thus officially marking the task force’s creation.

Collaborative endeavors between these agencies have been ongoing since 2017, which has observed an exponential rise in cryptocurrency usage in criminal activities. The ultimate aim of the Darknet Marketplace and Digital Currency Crimes Task Force, as stated in a recent announcement, is “to disrupt and dismantle criminal organizations that exploit the perceived anonymity offered by the darknet or employ digital currencies to carry out illicit operations.”

The Globalization of Crypto-Related Law Enforcement

This new endeavor isn’t a localized phenomenon. Across the world, law enforcement is creating specialized units to deal with crimes involving cryptocurrency. Last year, Interpol established a dedicated unit to handle crypto crimes. Meanwhile, in Canada, various police departments are assembling their local task forces.

The Darknet Marketplace and Digital Currency Crimes Task Force isn’t confined to the U.S. and boasts a global reach. With 93 HSI outposts located in 56 countries worldwide, this new unit is equipped to battle cybercrime internationally.

In tandem with these developments, the Federal Bureau of Investigation launched the Virtual Asset Exploitation Unit in February. This specialized unit is designed to cooperate closely with the Justice Department National Cryptocurrency Enforcement Team. The Securities and Exchange Commission also bolstered its Cyber Unit last year, almost doubling its size.

Battling Crypto Crime: A Dual-Edged Sword

There’s a wealth of illicit activity for law enforcement to investigate. According to a Chainalysis report last year, over 4,000 “crypto whales” are believed to possess funds acquired illegally. 

Moreover, crypto phishing attacks saw a staggering increase of 40% within the same year. However, amidst this alarming scenario, there’s a glimmer of hope that the intensified law enforcement efforts are making a difference.

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