Washington. The US has nearly doubled its cryptocurrency enforcement department in the wake of rising cryptocurrency scams, adding another 20 positions in the ‘cyber unit’.
With this, the total number of employees will now increase from 30 to 50.
Nearly doubling this flagship unit, the US Securities and Exchange Commission (SEC) said in a statement late Tuesday that it will do a better job of policing wrongdoing in the crypto markets, while continuing to identify and deal with cybersecurity. issues will be handled.
“The Division of Enforcement’s Crypto Assets and Cyber Unit has filed dozens of cases against those seeking to take advantage of investors in the crypto markets,” said SEC Chairman Gary Gensler.
It was established in 2017. Since then the Cyber Unit has taken more than 80 enforcement actions related to fraudulent and unregistered crypto assets and platforms, which have led to a total monetary relief of over $2 billion.
The Expanded Crypto Assets and Cyber Unit will leverage the agency’s expertise to ensure the safety of investors in crypto markets, including Non-Fungible Tokens (NFTs).
Gurbir S. Grewal, Director of Enforcement Division of the SEC, said, “Crypto markets have experienced rapid volatility in recent years, causing retail investors to bear the brunt of abuse in the sector. continue to risk the existence of markets and participants.”
“Strong crypto assets and cyber units will be at the forefront to protect investors and ensure fair and orderly markets to meet these critical challenges,” Grewal said.
Cryptocurrency scammers received $7.7 billion worth of cryptocurrency from people in 2021, an 81 percent increase from the previous year.
According to blockchain analysis firm Chainalysis, about $1.1 billion of the $7.7 billion was attributable to a scheme that allegedly targeted Russia and Ukraine.
—AnyTV News
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