The US Secret Service touts the merits of cryptos

US secret agents shared their views on blockchain and cryptos. It happened during an “Ask Me Anything” session on Reddit. Despite cryptocurrency scams and crimes, US intelligence sees blockchain as an opportunity to track money flows. Additionally, the Secret Service even has a collection of non-fungible tokens (NFTs).

The Blockchain, a valuable tool for monitoring financial transactions

The San Francisco Unit of the secret-service American and the REACT (Bay Area Regional Enforcement Allied Computer Team) recently participated in a Q&A session on the subreddit r/CryptoCurrency. The goal was to educate cryptocurrency users on various topics, including how law enforcement tracks cryptocurrency-related crimes.

According to American spies, the blockchain offers a “incredible opportunity” to follow the flow of money. Although crypto is the go-to choice for some scammers, blockchain can actually be a gold mine for tracking down financial crimes.

Last year, crypto platform hacks brought in almost $776 million. Of 32 separate attacks, the majority are on decentralized finance (DeFi) protocols, according to data from chain analysis.

Secret Service agents trained in cryptocurrencies

During the AMA session, the Secret Service revealed that it has a team of crypto specialists. Indeed, the special agents trace the transactions related to the crime from an office in San Francisco. We also learn that the Bitcoin whitepaper is “required” reading for any new agent.

REACT specializes in tracking crypto attacks, say “pig butchering”. The team claims to have recovered millions in stolen funds and returned them to the victims.

Besides tracking cryptocurrency crimes, the Secret Service also said it had a collection of NFTs from last year. This collection features Agents in different San Francisco locations, such as Alcatraz and Chinatown.

It is true that the crypto sector can be a breeding ground for scams. However, the transparency offered by the blockchain gives law enforcement an advantage in tracking down criminals. Unlike the traditional banking system, cryptocurrency transactions are generally public. As the Secret Service’s commitment shows, understanding and adopting blockchain technology is key to effectively combating financial crimes.

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