Crypto Use on the Dark Internet mBit site

FBI’s 130 Crypto-Related Cases

The Federal Bureau of Investigation (FBI) reportedly”has 130 cases tied to cryptocurrencies,” based on Supervisory Special Agent Kyle Armstrong. Speaking at the Crypto Evolved conference Wednesday in New York, Bloomberg quoted him:

The instances’threat tagged’ to virtual currencies encompass crimes like illegal drug sales human trafficking, kidnapping and strikes.

Armstrong is in charge of the FBI’s virtual currency initiative, which has existed for about three decades, the publication noted.

While acknowledging that his agency”takes a neutral view on electronic tokens, he noted several advantages and disadvantages,” the news outlet conveyed and quoted him explaining that the FBI has noticed a rise in illegal activity facilitated by cryptocurrency payments. “There are hundreds and hundreds of cases in the bureau, so it is a small sliver at this point,” he elaborated and net bitcoin casino review.

Crypto Use on the Dark Internet

According to Armstrong,”the opioid epidemic” has become a focus of the FBI since the agency sees”a surge in drug abuse,” enabled from the dark web. Moreover, he claimed that the agency has also”seen a substantial rise in extortion schemes linked to virtual currencies on the southwest border of the U.S.”

In its budget request for Fiscal Year 2018, the FBI asked for”80 positions and $21.6 million” to improve its investigative technology to fight cybercrime. The bureau cited,”A number of our criminal researchers face the challenge of identifying online pedophiles who hide their identities and offenses behind layers of anonymizing technology, or drug traffickers using virtual currencies to obscure their trades.”

On Monday, the House of Representatives passed a bill to help stop the illicit use of cryptocurrencies including bitcoin, dash, zcash, and moneroTrueFlip review This bill shortly follows a testimony by a high-ranking official of the U.S. Secret Service before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance. He asked Congress for help in preventing the use of cryptocurrencies.

What’s more, the U.S. Department of Justice announced Tuesday that it has seized”almost 2,000 bitcoins and other cryptocurrencies, with an approximate value of greater than $20 million,” in a nationally undercover operation targeting darknet vendors.

What do you think about the FBI tying 130 instances to cryptocurrencies? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.