FBI Investigates 130 Cases of Illegal Cryptocurrency Usage
The Federal Bureau of Investigation is currently examing 130 cryptocurrency cases that “encompass crimes such as human trafficking, illicit drug sales, kidnapping and ransomware attacks.”
The FBI is currently working on “130 cases tied to cryptocurrencies,” according to Supervisory Special Agent Kyle Armstrong. Present at the Crypto Evolved event held on 27th June in New York, he said that:
“The cases ‘threat tagged’ to virtual currencies encompass crimes such as human trafficking, illicit drug sales, kidnapping and ransomware attacks.” Armstrong is the coordinator of FBI’s investigations on cryptocurrencies of about three years.
The FBI leader has revealed that the agency “takes a neutral view on digital tokens,” indicating both advantages and disadvantages. The news outlet shows a rising rate of crimes involving virtual assets. “There are thousands of cases in the bureau, so it is a small sliver at this point,” Armstrong declared.
It seems that “epidemic opioid” has become one of the main targets of the Federal Bureau of Investigation as the agency remarked “surge in drug abuse” on the dark web marketplaces. Additionally, Armstrong has revealed that the FBI has “seen a significant rise in extortion schemes related to virtual currencies on the southwest border of the U.S.”.
“80 positions and $ 21.6 million” to invest in technology
In order to invest in technology that could solve the problem with cyber-criminal attacks, the FBI has requested through its Budget Request “80 positions and $ 21.6 million“.
Here’s what the agency wrote:
“Some of our criminal investigators face the challenge of identifying online pedophiles who hide their crimes and identities behind layers of anonymizing technologies, or drug traffickers who use virtual currencies to obscure their transactions.”
On 25th June, the House of Representatives adopted a collective bill that aims to avoid the illegal use of crypto assets such as Bitcoin (BTC), Dash (DASH), Zcash (ZEC), and Monero (XMR). The bill has come as a result of a request from a United States Secret Service official, calling for help in combating the illegal use of cryptocurrencies.