Cryptocurrency Statement from the US Department of Justice!

Cryptocurrency Increasing U.S. Department of Justice resources for their investigations more than a year ago helped prosecutors quickly indict FTX founder Sam Bankman-Fried and heralds an increase in aggressive sanctions in the coming period, according to the department’s number two official.

Lisa Monaco, Assistant Attorney General of the US Department of Justice, Makes a Statement on Cryptocurrencies

“You should expect even more,” Deputy Attorney General Lisa Monaco said in an interview with The Wall Street Journal on Thursday about the agency’s efforts to combat corporate crime, adding: “These investments pay off with the prosecution power you witness.”

“We saw the potential for illicit use of this Technology and frankly realized that by the end of the crypto season it could turn into a crypto winter,” he said.

“We’re watching the market volatility… and looking at the abuse of this technology… they can be used for illegal purposes, whether it’s ransomware, money laundering, or misleading the investing public,” Monaco said.

Federal prosecutors in Manhattan charged Bankman-Fried with fraud and conspiracy last week; SBF was extradited to the United States from the Bahamas, where the cryptocurrency exchange is located, this week and was released on a $250 million bail.

Authorities, bitcoin The exchange received testimony from two of Bankman-Fried’s top executives, including Caroline Ellison, CEO of Bankman-Fried’s trading company, which allegedly used FTX clients’ money to finance its own risky investments.

The US Department of Justice plays an important role in overseeing digital asset markets because these products are not regulated by any market regulator. Prosecutors can apply general laws written to deter fraud and money laundering, as well as bad behavior involving securities and commodities, to schemes involving digital assets.

*Not investment advice.