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US Secret Service has seized $102 million in crypto related to fraud

The US Secret Service has seized $102 million in crypto-related to 254 fraud cases. The Assistant Director at the secret service of investigations said that criminals want to muddy the waters and confuse them, and all they can do is be aggressive and track them as fast as possible.

US Secret Service has seized $102 million in crypto

In a recent interview with CNBC, a Senior executive at the US Secret Service talked about crypto. Their role is to track and detect any crimes that are related to the financial system. Even the secret service website states that digital assets are being increasingly used for fraud schemes and ransomware. Therefore, they are actively tracking the flow of BTC and other cryptos on the blockchain network.

US Secret Service has seized $102 million in crypto

Image Source: Wikipedia

Now one might think that tracking addresses on the blockchain can be very difficult. But the executive clears that it is more like email addresses and gives them the ability to track transactions into different wallets. They just have to wait for the criminal to make a single mistake, and voila, they catch their neck.

The $102 million seized by the Secret Service wasn’t in 2021 or 2020. It took them 7 long years since 2015 to seize this money and the criminals related to the case. And it’s clear why it took so long. The executive said that cryptocurrencies move money at a fast pace compared to traditional money, which makes it comparatively difficult to track.

A common thing among criminals

Even criminals want to avoid the market volatility of Bitcoin or any other stole crypto, so they swap it for stable coins. Now, if they do it from a DEX, they might stay hidden but using something else would reveal their identity. The Senior Executive from the secret services said that whenever they detect any illegal activity, they dig deep into the transactions and deconstruct them.

A lot of people may frown upon crypto hearing about the $102 million in seized funds. But note that it is just a negligible portion of the total crypto transaction volume. What do you think about the seized crypto by U.S Secret Service? And do you think it is possible to stay anonymous on the blockchain? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Robinhood acquires crypto firm Ziglu for Europe expansion.



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