US customs officials say cryptocurrency helps track criminals
A U.S. Immigration and Customs Enforcement (ICE) official said criminals put themselves at risk of detection every time they convert cryptocurrency into fiat.
Matthew Allen, ICE Homeland Security Investigations (HSI) officer, spoke about the role of cryptocurrencies in drug trafficking at a Senate meeting on October 3:
On the dark web marketplace and other non-indexed websites, purchases are often paid for in bitcoin and monero coins. and other types of cryptocurrencies. However, the service has had some success tracking down criminals who use cryptocurrency to launder drug proceeds. The use of cryptocurrencies makes it easier to pay for illegal transactions, but criminals still need to convert cryptocurrency into fiat during the transaction, and vice versa. This is the easiest time for law enforcement to identify criminals. Using traditional investigative techniques such as surveillance, undercover operations and informants, combined with financial and blockchain analysis, the Service can track down and arrest criminals and dismantle transnational criminal organizations, as well as cryptocurrency exchanges that typically launder proceeds for criminal networks operating or supporting the darknet.
More often than not, criminals use peer-to-peer platforms to ensure anonymity, particularly startups that refuse to register as companies. financial services providers and do not comply with relevant laws.
Even so, national and international agencies are training investigators on how best to track cryptocurrency and thus lead to the culprit.
According to https://www.coindesk.com
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