The US Secret Service disclosed that the agency trades cryptocurrency and possesses a little collection of non-fungible tokens (NFTs). The organization revealed this in its recent Ask Me Anything (AMA) session that was conducted on Reddit. As per the reports, the Secret Service additionally acknowledged the capability of blockchain technology to enhance the efficiency of innovations and security beyond crypto assets.
US Secret Services Discloses Its Interest in Crypto
Yesterday, representatives from the Bay Area Regional Enforcement Allied Computer Team (REACT) and the US Secret Service San Francisco Field Office were questioned by Reddit community members. The Secret Service reacted in the affirmative on being asked by a Redditor regarding the crypto holdings of the agency. The organization mentioned that it possesses crypto assets.
In addition to this, it categorized itself as a crypto enthusiast while giving further comments. According to the agency, keeping crypto assets assists it to comprehend the crypto sector and the mechanics underlying it in a better way. While responding to another question on concealing nefarious attitudes toward blockchain technology, the Secret Service said if people intend to do malicious things financially, they should keep funds in cash rather than crypto.
Moreover, a Redditor asked if the agency was considering the development of a separate meme token, and the organization pointed out that its exclusive NFT collection was promoted by it on OpenSea. The Secret Service is known as a Federal law enforcement organization operating within the US Department of Homeland Security. It is responsible for shielding the President, Vice President, as well as the rest of the designated people.
It also focuses on the investigation of diverse financial crimes, taking into account fraud and counterfeiting. To deal with illegitimate crypto transfers, the Secret Service has effectively seized several million dollars in the form of crypto from bad actors. Data compiled by the US Secret Service discloses that the agency has confiscated above $102M worth of crypto since 2015.
The Agency Says Using Crypto Assists in Exploring Illegal Transactions
Apart from that, the agency organizes cybercrime and financial investigations. Although a few regulatory organizations still deem crypto as a weapon used by fraudsters, the team at the REACT commended the transparent and open nature of blockchain technology. As per them, it offers a remarkable opportunity with which the law enforcement agency could track the flow of assets. It can have valuable insights with this transparency to do investigations.
By examining blockchain data, the funds can be traced by the authorities to detect the partners as well as illegal operations like terrorist financing, money laundering, and the rest of the financial crimes. This investigation may take into account the identification of wallet addresses, tracking of fund movements, as well as the detection of links between diverse wallet addresses.
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