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
You May Also Like
An algorithm has been developed that determines Pump&Dump schemes
Pump and dump schemes are becoming increasingly common in the cryptocurrency markets. Cybersecurity experts are now learning to predict them in advance.
Hackers from the Lazarus group are attacking macOS users
Researchers have discovered a series of attacks by the Lazarus organization, which attacks cryptocurrency exchanges by distributing malware to macOS users. According to Kaspersky Lab, a network of cryptocurrency platforms based in Asia was infected with the Lazarus Trojan, which led to the spread of malware to computers running Windows and macOS operating systems.
