US Bolsters Crypto Crime Team Amid Rising Threats

In an unprecedented move, the United States Department of Justice (DoJ) has announced that it will be expanding the National Cryptocurrency Enforcement Team (NCET), doubling its staff and strengthening its focus on cryptocurrency-related crimes. This comes in response to the rapid increase of crypto crimes across the globe, showcasing a stark need for regulation and oversight in the wild west of the #cryptospace .

The DoJ announced on July 20, emphasizing that the expansion would provide the NCET with additional resources to bolster its fight against crypto criminals. This expansion will involve integrating two DoJ teams: the Computer Crime and Intellectual Property Section (CCIPS) and the NCET. The merger will allow a broader pool of criminal division attorneys to work on criminal cryptocurrency matters, significantly amplifying the force’s capabilities.

Established in 2021, NCET has already proved its mettle by effectively investigating and prosecuting crimes involving the misuse of #cryptocurrency . With this expansion, the NCET team will have access to additional computer crime and intellectual property work, which will help streamline their operations and bolster their reach. The integration with CCIPS is akin to supercharging the engine of the NCET, providing it with the necessary fuel to chase after the elusive crypto criminals.

Former Assistant Attorney Claudia Quiroz, who has been a part of the NCET since its inception, will lead the expanded team. Quiroz has been instrumental in navigating the complex legal landscape of cryptocurrencies, demonstrating adept leadership and exemplary commitment to the cause.

The origins of the NCET can be traced back to October 2021, when Deputy Attorney General Lisa Monaco announced its formation with the specific purpose of investigating criminal misuse of cryptocurrency, particularly by virtual currency exchanges. Under the stewardship of its first director, Eun Young Choi, NCET made significant strides in investigating prominent cases including the Binance investigation.

However, the increase in crypto crimes has necessitated a more robust approach. An alarming rise in thefts, hacks, and other crypto-related crimes has shown the need for a stronger regulatory framework. Blockchain-based ventures, particularly in the cryptocurrency space, have seen exponential growth, requiring governments around the world to keep pace and prevent misuse. The NCET has been pivotal in responding to this challenge, focusing on crimes committed by virtual currency exchanges, and money laundering infrastructure actors, and aiding in the tracing and recovery of assets lost due to fraud and extortion.

As we move forward, it is imperative to remember that the digital age brings with it new forms of criminal tradecraft. Cryptocurrencies, due to their decentralized nature, can often be a haven for criminals. But as the NCET's expansion shows, law enforcement is up for the challenge.

The increasing sophistication of the NCET reflects a broader trend in the cryptocurrency industry. As crypto becomes more mainstream, so too do the efforts to regulate and oversee its use. The DoJ’s move is a timely and necessary step in the fight against crypto crimes and a clear signal that misuse and manipulation of cryptocurrencies will not be tolerated.

The message is clear: those thinking of exploiting cryptocurrencies for illicit gains, be warned. The strengthened NCET is watching, and it's more prepared than ever to ensure that the #blockchain  remains a safe and secure environment for all.

In my opinion, the expansion of NCET is an encouraging and vital step. While the appeal of cryptocurrencies lies in their decentralization and freedom from traditional regulatory frameworks, this very appeal can often lead to exploitation and crime. By fortifying NCET, the DoJ is making a clear statement: the world of crypto is no longer a wild west, but a space where law and order reign.

Gaming Websites are Shutting Their Services Down
Currently, many types of games are being launched in the crypto space and Web3 world, in which different types of innovative features attract the users. But there are some of these games which are ending their services. Web3 is facing regulatory difficulties in some jurisdictions. The reason behind this is the lack and poor understanding of the continuing regulatory uncertainty of the crypto space. Actually, new games and websites are launched in the market, but lack of understanding and experience about how to take them forward forces them to take their steps back. Something similar has happened with a popular video game, which has announced the closure of its Non-Fungible Token (NFT) marketplace.
GameStop is closing NFT Marketplace
GameStop Corp has said it is going to shut down its NFT Marketplace. GameStop Corp has said in a statement that it will officially cease operations of its NFT market on February 2, 2024. Let us tell you that GameStop Corp was launched on Ethereum scaling network Immutable X and Loopring in 2022, which will be closed due to the continuing regulatory uncertainty of the crypto space. At the same time, for GameStop it marks a complete withdrawal from the world of Cryptocurrency. GameStop had made a lot of headlines in 2022, but with its entry in 2024, it is on the verge of closure.
Like GameStop Corp, many other games ended their services
Like GameStop Corp, the video game named Goals had also decided to discontinue its services. Moving away from blockchain integration, it was included in the list of high-profile games that collected millions of dollars in 2022 and 2023. But due to lack of financial support, Goals had decided to stay away from Blockchain integration. According to the report, more than 30% of the approximately 1,318 Blockchain based games since 2021 are currently either closed or abandoned. If we focus on the specifics of the 162 games discontinued in 2023, about 17% fall under multichain series. In this, Binance’s BNB chain has emerged as the most common network in which developers have abandoned their gaming projects. Apart from this, 6% discontinuation rate has been recorded in Ethereum, Sui and Solana.
This is primarily due to funding challenges and changing market conditions, with small and inexperienced teams often facing security issues. The challenges faced by them force them to say goodbye to the market. At the same time, the closure of NFT Marketplace of video games like GameStop and the ratio of Blockchain based games creates many challenges for many new upcoming games and existing games. Only after finding solutions to these challenges can one position oneself with a strong foothold in the high-profile games and crypto space that currently exists. On the other hand, these gaming websites should also think about the future of the Web3 world, so that they do not face any problem in developing themselves in the Web3 world.
These suggestions can be useful to make a strong hold in crypto space
According to Coin Gabbar’s opinion, the currently existing games and upcoming gaming websites should first focus on analyzing the market activities to make a strong hold in the crypto space. In which, through research, understand the market rates and consider their correct use. Apart from this, for better performance, a team should be selected which has sufficient experience and efficient strategy. Along with this, security is an essential requirement in the crypto space. Therefore, all gaming websites should adopt high level security processes to maintain secure smart contracts and other security. All gaming websites should constantly update their games with innovative and latest technology and security updates to offer a user-friendly system and open doors to increased opportunities for investing in crypto.
#cryptospace #NFT #BTC-ETF.

#BinanceTournament Debate on whether Bitcoin is a Ponzi Scheme sprang up on Crypto X with Ripple CTO sharing his take on the subjectRecently, comedian and conspiracy theorist Owen Benjamin sparked a heated discussion by labeling Bitcoin (#BTC ) as a “decentralized Ponzi scheme.” This assertion has prompted responses from various figures in the #cryptospace , including Ripple CTO David Schwartz, adding complexity to the ongoing debate.Bitcoin: a Decentralized Currency or Ponzi Scheme?Owen Benjamin’s argument revolves around the idea that Bitcoin operates more like a decentralized Ponzi scheme than a decentralized currency. He contends that people are not spending Bitcoin because they hope its value will rise, comparing it to a “hot potato” that individuals are reluctant to part with. Benjamin suggests that assets like silver, gold, and land, which possess inherent beauty, utility, and value, are more reliable stores of wealth. He further claims that Bitcoin lacks an identifiable individual attached to it, which would be essential in a traditional Ponzi scheme, giving the media control over price swings for profit.Markedly, Saifedean Ammous, the author of The #bitcoinstandard , offered a counterpoint to Benjamin’s perspective. Ammous argued that the success of the dollar despite inflation demonstrates that people are willing to use a currency with a decreasing value. He attributes Bitcoin’s popularity to its scarcity, making it a superior store of value compared to fiat currencies.Ripple CTO David Schwartz chimed in, questioning whether people truly understand the impact of anticipating a declining dollar value on spending behavior. Schwartz pointed out the potential disincentive for sellers if they know they will receive dollars that are expected to lose value. This sparked a sophisticated debate among followers, with some questioning the necessity of inflation for economic development and others highlighting the psychological influence of a declining currency on spending.Bitcoin Regulation and SkepticismAs the debate on the nature of Bitcoin unfolds, it’s essential to consider the broader regulatory ecosystem. In May, Ireland’s Central Bank governor, Gabriel Makhlouf, categorized Bitcoin and other unbacked cryptocurrencies as “Ponzi schemes,” urging skepticism. He hinted at potential regulatory actions against crypto influencers who promote digital assets without disclosing their financial interests.Overall, the question of whether Bitcoin is a decentralized Ponzi scheme or a legitimate decentralized currency remains a subject of intense debate. As various voices contribute to the conversation, the crypto space continues to evolve, challenging traditional notions of value, utility, and economic principles.🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. #BTT @WISE CRYPTO NEWS