FBI fails to deal with cryptocurrency investigations in Darknet

Will the FBI soon reform its virtual currency practices as recommended by the U.S. Department of Justice? A recently released audit of the latter [...] https://www.pinterest.com/pin/1085437947660215829/

Will the FBI soon reform its practices regarding virtual currencies as recommended by the US Department of Justice? A recently published audit by the latter U.S. body on the service's practices with regard to Darknet criminal investigations showed that the FBI is unable to fully handle cryptocurrency cases today. Thus, the authorities suggest implementing a whole new strategy. Will the FBI take a fresh look at the cryptocurrency market? According to an unclassified audit released on Thursday, the FBI's current investigative efforts that involve Darkent are severely hampered by a "decentralized" set of practices, policies, and training programs. Overall, the field is reportedly in chaos. Specifically, the audit found that there are two separate virtual currency teams that assist in investigations of the dark web, both of which are funded by the Justice Department's Asset Forfeiture Fund. Furthermore, "rising costs and continued funding from the asset forfeiture fund have caused a dispute between the two virtual currency teams over prioritization of resources." Little did we find that the two teams were often conducting the same overlapping activities. The asset forfeiture fund receives a portion of its funding through the seizure and sale of property and also assets, including cryptocurrencies, related to criminal investigations. The Justice Department has made five recommendations for improving Darknet investigations and policies, many of which focus on centralizing procedures to reduce "ambiguous or overlapping investigative responsibilities." This includes a recommendation to "develop a timeline to obtain feedback from other FBI divisions and complete the development of a strategy to support [cryptocurrency] activities across the FBI." New law The Justice Department's recommendations come just at a time when the FBI may soon have more work to do anyway due to new laws. Indeed, the Treasury Department's Financial Crimes Enforcement Network recently proposed new rules that would require companies to implement stricter KYC regulations for transactions over $3,000. Tags bitcoin FBI US