|By Le Williams | 2 years ago|
The U.S. Federal Bureau of Investigation (FBI) is presently facilitating 130 various cryptocurrency-related examinations, Bloomberg reported June 27th.
Kyle Armstrong, an FBI Supervisory Special Agent, recounted the Agency’s investigations at the Crypto Evolved conference in New York, involving a variety of crimes including human trafficking, drug transactions, kidnapping, and ransomware, which have a cryptocurrency component.
A recent increase in cases involving cryptocurrencies, he said, citing opioids as 1 area where the bureau needs to focus on. Roughly 10 percent of drug users worldwide purchase drugs online in illegal digital marketplaces.
Some parts of the U.S. have also seen an increase in extortion schemes, where the perpetrators wish to use cryptocurrencies.
In light of the latest reports, these “threat-tagged” investigations only represent a “small sliver” of the thousands of cases the Agency has, Armstrong added.
In contrast of the various crimes supported by cash, Armstrong said the blockchain’s immutability makes it easier to track transactions.
Contrariwise, cryptocurrencies’ anonymity or pseudonymity make it more difficult to properly investigate a crime.