Increase In Crypto-Related Cases, As Reported By FBI

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According to a report on Wednesday by Bloomberg, 130 different cryptocurrency-related cases are being investigated by the U.S. Federal Bureau of Investigation (FBI).

According to them, the FBI Supervisor Special Agent Kyle Armstrong explained to the Crypto Evolved conference in New York that the agency is working on a variety of crimes, that includes human trafficking, drug transactions, kidnapping, and ransomware which have a cryptocurrency component.

Armstrong went on to say that there has been a small increase in cases concerning cryptocurrencies, citing opioids as one area where the bureau needs to focus on. Approximately 10 percent of drug users worldwide acquire drugs online in illegal digital marketplaces.

There has also been an increase in extortion plans on some parts of the U.S., wherein the perpetrators yearn to use cryptocurrencies. These “threat-tagged” investigations are only a small portion of the thousands of cases the agency is working on.

Even though blockchain‘s permanence makes it easier to trace transactions, unlike those cases involving cash, cryptocurrencies’ anonymity or pseudonymity make it more complicated to accurately investigate a crime.

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