FBI Abandons Cryptocurrency Investigations, Shifts Focus to Traditional Crimes

DOJ to Shut Down Crypto Unit Amid Budget Cuts

In a surprise move, the Department of Justice (DOJ) has announced that it will be shutting down its cryptocurrency unit, the National Cryptocurrency Enforcement Team (NCET), due to budget constraints.

The NCET was established in 2021 to focus on investigating and prosecuting cases related to cryptocurrency, including fraud, money laundering, and other financial crimes. The unit was seen as a major step forward in the government's efforts to crack down on illegal activities in the crypto space.

However, in a statement released yesterday, the DOJ said that it has decided to discontinue the NCET due to "budgetary constraints and a reevaluation of priorities."

The move has sent shockwaves through the crypto community, with many expressing concern about the potential impact on the industry. "This is a huge blow to the crypto community," said one industry insider. "The NCET was a crucial resource for law enforcement and a symbol of the government's commitment to regulating the space."

The NCET had been led by Acting Director Eun Young Chi, a veteran prosecutor with extensive experience in fighting financial crimes. Chi had been instrumental in developing the unit's strategy and had worked closely with other government agencies and international partners to combat crypto-related fraud.

The shutdown of the NCET is the latest in a series of budget cuts and reorganizations within the DOJ. The department has faced significant budget constraints in recent years, and has been forced to make tough decisions about which programs to prioritize.

In a statement, the DOJ said that it will continue to prioritize cryptocurrency-related cases and will work with other agencies to ensure that the necessary resources are in place to combat financial crimes. However, the decision to shutter the NCET has left many wondering what the future holds for the crypto community.