FBI Confirms 130 Cryptocurrency Related Investigations


FBI confirms 130 cryptocurrency related investigations, adding that FBI’s “threat-tagged” cryptocurrency probes only comprise a “small silver” of the thousands of cases.

28 June, AtoZ Markets The US Federal Bureau of Investigation (FBI) has reportedly confirmed that it has been running 130 cryptocurrency related investigations. The Special Agent Kyle Armstrong of FBI Supervisory has spoken on the Crypto Evolved Conference in New York.

FBI Confirms 130 Cryptocurrency Related Investigations

Reportedly, Kyle Armstrong has stated that the FBI is now examining a variety of crimes, which include human trafficking, kidnapping and ransomware, and drug transactions, that involve a cryptocurrency component.

Moreover, authorities have recently spotted an uptrend in cases that involve cryptocurrencies. Mr. Armstrong has stated that opioids appear as one of the areas where the FBI would need to focus its attention. He added that around 10 percent of drug users worldwide buy drugs online via illegal digital marketplaces.

Some parts of the US have also noted the increase in extortion schemes, according to the Special Agent Kyle Armstrong. He has stated that in these schemes, the perpetrators normally prefer to use cryptocurrencies.

Blockchain Makes it Easier to Track Crime-related Transactions

The FBI’s “threat-tagged” cryptocurrency investigations only comprise a “small silver” of the thousands of cases according to the reports.

According to Armstrong, Blockchain immutability facilities the process of transactions’ tracking, which is not possible in crimes involving cash. On the other side, the feature of anonymity and pseudonymity involved with cryptocurrencies make it harder to properly investigate a case.

Earlier this March, the Federal Bureau of Investigation has stated that consumers need to be cautious in regards to the would-be scammers posing as cryptocurrency exchange support staff.

The Internet Crime Complaint Center (IC3) of FBI has warned about tech support scams in its notice that has been issued on the 28th of March. The notice stated that the trend is “a problematic and widespread scam.”

Moreover, the FBI has mentioned that the center stated that consumers have submitted approximately 11,000 complaints and claimed losses of more than $15 million connected to the tech support fraud back in 2017.

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