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US Secret Service Approaches Blockchain Technology Quite Positively

Andras Crow-Hreidar by Andras Crow-Hreidar
May 18, 2023
in Fintech
Reading Time: 3 mins read
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During a “Ask Me Anything – AMA” session on the famous social media site Reddit, representatives from the Secret Service and REACT, two US authorities investigating criminal activities on financial crimes and hacking, fielded questions from users.

“Using Cash is The Best Way to Stay Anonymous”

Users often asked the San Francisco office of the Secret Service and the Bay Area Enforcement Computer Team (REACT) during the roughly 2-hour Q&A session how they might conceal their financial dealings from law enforcement. Many humorous responses were received when a request for advice on keeping financial dealings confidential was sent to a government agency but authorities nevertheless recommended sticking to cash.

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“Blockchain Is Like a Gold Mine for Us”

In the session hosted under the crypto money sub-title of Reddit the authorities claimed that blockchain technology is a gold mine for them in response to questions about the choice of the crypto sector by fraudsters and criminals.

They added: “When it comes to keeping tabs on monetary transactions we find Blockchain technology to be a fruitful sector. Seventeen victims of fraud or theft have had their cryptocurrency returned to them in the last nine months thanks to our efforts.”

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All Officials Have to Read the Bitcoin Whitepaper

In addition to their responsibilities of protecting the president and presidential candidates, Secret Service agents at the U.S. Treasury Department have indicated that they have a dedicated division to deal with cryptocurrency . Officials drew a connection to money laundering while stating that all new agents and officials at the San Francisco office were required to study the Bitcoin whitepaper .

According to sources inside the Secret Service the value of laundering cryptocurrency is far lower than that of fiat currency .

Some Victims Do Not Even Report the Crime

Many victims of cryptocurrency scams were not reporting them to the Secret Service according to Secret Service officers . Officials assured the Reddit user that their money will be returned and said that they had already identified other victims.

The Secret Service Even Have an NFT Collection

The Secret Service Agency issued an NFT collection in the previous year, as was revealed during the Q&A session. “We are trying to learn about various digital assets and every aspect of them” the authorities have declared.

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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