Crypto crimes are on the large, and there has been a lot of police activity in the same. From time to time, the US Marshals have been able to get their hands on some of the other criminals and confiscate huge amounts of crypto. Reports suggest that till now, the US Marshal service has confiscated and sold 185k BTC. All these coins have been seized since 2014 and amount to nearly $7 billion. And the amount is increasing at such a rapid pace that the DOJ had to appoint Anchorage Digital to provide custody or store the confiscated coins.
Acrogae’s partnership with the DOJ
It is not easy to store such a high volume of cryptocurrency safely. So, it is important that a firm is hired to do that for the government. And Anchorage Digital is going to provide custody, liquidation, accounting and all other crypto-related services. USMS being the primary law enforcement in the country, it is kind of a big deal that they are working with a crypto firm. It is also important to note that before Anchorage, Bitgo was the custodian for them. But after the company was acquired by Galaxy Digital, the government broke the partnership.
The number of crypto crimes is increasing with the increase in value and usage of digital assets. Since they are not bound by any bank and after a transaction is made, it is irreversible, crypto gives criminals a huge upside. It is also difficult to track in case the hackers are a little smart. In fact, a lot of tools are available out there, like mixers that can scramble the addresses of transactions and make it impossible.
Cash is still the most used form of money for illegal activities, and it is even more difficult to track. But governments and authorities don’t talk about it. They make it seem that all the illegal things happening in this world is due to crypto. But we should understand that there is a positive and negative side to everything, and it should not hinder the adoption of the future of finance.
What are your thoughts on the fact that the US Marshal service has confiscated and sold 185k BTC? And do you think that this number will reduce if proper regulations are brought into place? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.