Crypto Catch: US SEC boosts manpower to crack down on crypto frauds

May 04, 2022 02:13 PM AEST | By Daniel Paul Johns

Crypto Catch: US SEC boosts manpower to crack down on crypto frauds — Image source: © Shmeljov | Megapixl.com

Highlights

The US Securities Exchange Commission (SEC) is reportedly adding 20 extra positions to its Crypto Assets and Cyber Unit – a nearly doubling in size

The doubling in size means the unit will potentially be better able to crack down on cyber crime pertaining to crypto theft

The US Securities Exchange Commission (SEC) is reportedly adding 20 extra positions to its Crypto Assets and Cyber Unit – a nearly doubling in size. The unit of US SEC that is responsible for protecting investors in the crypto space, will now have 50 dedicated positions in total.

The doubling in size means the unit will potentially be better able to crack down on cyber crime pertaining to crypto theft.

The unit, created less than five years ago, has so far brought dozens of cases forward against those looking to take advantage of crypto investors.

Cyber crime has been a major issue in recent years when it comes to crypto investing and trading, with several cases in 2020 and 2021 of hacking into crypto exchanges.

Market News

Bitcoin dropped 1.2 per cent overnight to just below US$38,000.

Meanwhile, Ethereum fell 1.5 per cent to US$2,793

Winners and Losers

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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