FBI’s 130 Crypto-Related Cases
The Federal Bureau of Investigation (FBI) allegedly”has 130 cases tied to cryptocurrencies,” based on Supervisory Special Agent Kyle Armstrong. Speaking in the Crypto Evolved conference Wednesday in New York, Bloomberg quoted him:
The cases’threat tagged’ to virtual currencies encompass crimes like kidnapping, illegal drug sales, human trafficking and ransomware strikes.
Armstrong is in charge of the FBI’s virtual currency initiative, which has existed for around three decades, the publication noted.
While acknowledging that his agency”takes a neutral view on digital tokens, he noticed several pros and cons,” the information outlet conveyed and lent him explaining that the FBI has noticed an increase in illegal activity facilitated by cryptocurrency payments. “There are thousands of cases in the agency, so it’s a little sliver at this time,” he elaborated and net bitcoin casino review.
Crypto Use on the Dark Internet
According to Armstrong,”the opioid epidemic” is now a focus of the FBI since the agency sees”a surge in drug misuse,” allowed by the dark web. Moreover, he claimed that the bureau has also”seen a significant rise in extortion schemes linked to virtual currencies on the southwest border of the U.S.”
In its budget request for Fiscal Year 2018, the FBI asked for”80 positions and $21.6 million” to improve its investigative technology to fight cybercrime. The agency cited,”Some of our criminal researchers face the challenge of identifying online pedophiles who hide their crimes and identities behind layers of anonymizing technology, or drug traffickers who use virtual currencies to obscure their trades.”
On Monday, the House of Representatives passed a bill to help stop the use of cryptocurrencies such as bitcoin, dashboard, zcash, and monero7bit app This bill shortly follows a testimony by a high-ranking official of the U.S. Secret Service prior to the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance. He asked Congress for help in preventing the use of cryptocurrencies.
What’s more, the U.S. Department of Justice announced Tuesday that it has captured”nearly 2,000 bitcoins and other cryptocurrencies, with an approximate value of greater than $20 million,” at a nationwide undercover operation targeting darknet vendors.
What do you think of the FBI linking 130 cases to cryptocurrencies? Let us know in the comments section below.
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