With the increase in seizures, cryptocurrencies are no longer a boon for criminals | Economy

AMMAN – A US news network has said that cryptocurrencies are no longer a boon for criminals in the United States with the development of associated technology, which has enabled the authorities to detect a large number of frauds.

And NBC said in a report published Sunday that authorities were able to track down and freeze the money of a man in California after he was swindled with hundreds of thousands of dollars in a fake love story this year.

Erin West, a deputy attorney general who heads the high-tech crime unit in Santa Clara County, California, said she believes the fraudster lives in a country where there is no extradition treaty and so it is unlikely that she will be caught soon.

“But for money, it’s a different story,” West added. “Our expertise and technology these days are tracking cryptocurrency and trying to get it faster than bad guys and criminals are taking it somewhere where we can not take it.”

digital tools

West is among a growing number of prosecutors and law enforcers who have adopted quite a few digital instruments that have adopted the “Blockchain,” the digital networks that can monitor every transaction of most cryptocurrencies.

West said her team successfully tracked down the victim’s money as it moved from one digital wallet to another until it landed on a major cryptocurrency exchange, where the fraudster apparently intended to launder the money. or too cash.

She indicated that she had sent a note to the stock exchange and froze the money to be returned to the victim.

In its report, the network saw it as “a stark contrast to the situation just a few years ago when cryptocurrencies were considered a great blessing for criminals.”

The network indicated that cryptocurrencies allow users to send money instantly over the internet without intermediaries, such as: banks, and that this can be done anonymously because digital wallets containing cryptocurrencies should not be linked to people’s identities not.

Coin doping experience

But as the networks that facilitate cryptocurrencies are “public”, law enforcement agencies have in recent years begun to acquire the necessary expertise to detect cryptocurrencies; This has led to Bitcoin and Ethereum playing a role in a large number of criminal cases. “

The network explained that such cases during that time were the prerogative of federal agencies, such as: the FBI, the Intelligence Service and the Department of Justice.

She noted that these agencies have large budgets for tools, such as blockchain tracking software and peer-to-peer relationships in friendly countries, which often lead to global exposure to cybercrime.

“But there are operational limits, for example when hackers and criminals live in countries that do not surrender to the United States, such as Russia and China,” the network said.

summons notes

She added that the vast majority of legal orders, such as subpoenas and others, submitted to Coinbase, the largest cryptocurrency exchange in the United States, come from federal law enforcement agencies.

She said orders from all U.S. law enforcement agencies more than doubled, from 1,197 to 2,727, from the second half of 2020 to the first half of 2021, with state and local orders growing exponentially.

Elizabeth Murphy, an associate in the Manhattan Attorney – General’s office in New York, said cryptocurrency has become so persistent in criminal charges that it is unrealistic for the federal government to just deal with it.

“But for money, it’s a different story,” West added. “Our expertise and technology these days are tracking cryptocurrency and trying to get it faster than bad guys and criminals are taking it somewhere where we can not take it.”

digital tools

West is among a growing number of prosecutors and law enforcers who have adopted quite a few digital instruments that have adopted the “Blockchain,” the digital networks that can monitor every transaction of most cryptocurrencies.

West said her team successfully tracked down the victim’s money as it moved from one digital wallet to another until it landed on a large cryptocurrency exchange, where the fraudster apparently intended to launder the money. or too cash.

She indicated that she had sent a note to the stock exchange and froze the money to be returned to the victim.

In its report, the network saw it as “a stark contrast to the situation just a few years ago when cryptocurrencies were considered a great blessing for criminals.”

The network indicated that cryptocurrencies allow users to send money instantly over the internet without intermediaries, such as: banks, and that this can be done anonymously because digital wallets containing cryptocurrencies should not be linked to people’s identities not.

Coin doping experience

But as the networks that facilitate cryptocurrencies are “public”, law enforcement agencies have in recent years begun to acquire the necessary expertise to detect cryptocurrencies; This has led to Bitcoin and Ethereum playing a role in a large number of criminal cases. “

The network explained that such cases during that time were the prerogative of federal agencies, such as: the FBI, the Intelligence Service and the Department of Justice.

She noted that these agencies have large budgets for tools, such as blockchain tracking software and peer-to-peer relationships in friendly countries, which often lead to global exposure to cybercrime.

“But there are operational limits, for example when hackers and criminals live in countries that do not surrender to the United States, such as Russia and China,” the network said.

summons notes

She added that the vast majority of legal orders, such as subpoenas and others, submitted to Coinbase, the largest cryptocurrency exchange in the United States, come from federal law enforcement agencies.

She said orders from all U.S. law enforcement agencies more than doubled, from 1,197 to 2,727, from the second half of 2020 to the first half of 2021, with state and local orders growing exponentially.

Elizabeth Murphy, an associate in the Manhattan Attorney – General’s office in New York, said cryptocurrency has become so persistent in criminal charges that it is unrealistic for the federal government to just deal with it.

“There are many who make it unrealistic to think that the federal government and federal law enforcement will be able to address every threat and handle every situation,” Murphy added. “It is therefore important that local people develop competence in these areas.”

As with the operations of Erin West, Murphy’s employees often find themselves with an unusual definition of a successful business; That is, they could freeze and return stolen assets, but without putting a fraudster behind bars.

“It’s interesting because you start thinking about what it means to have a successful investigation, what is the best outcome, what is the best use of our resources,” Murphy said. “I think we are going to see more problems with these assets than we have had in the past.”

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